“SIGNIFICANT WEAKNESSES” IN UK LEGAL REGULATORS’ APPROACH TO MONEY LAUNDERING

On 12 November, Legal Futures reported that regulatory oversight body, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), says that there are “differing levels of achievement and some significant weaknesses” among the UK’s legal regulators in their approach to AML.  Overall, it found that the vast majority (just over 80%) of professional body supervisors across the legal and accountancy sectors had not implemented an effective risk-based approach – although it said the legal sector has “more effective supervision” than the accountancy sector.

https://www.legalfutures.co.uk/latest-news/significant-weaknesses-in-legal-regulators-approach-to-money-laundering

https://www.fca.org.uk/publication/opbas/supervisory-assessments-progress-themes-2020-21.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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