A New Era for AML Supervision
This marks a decisive shift in the UK’s approach to tackling economic crime and regulatory inconsistency, moving away from a fragmented supervisory regime to one led by a single, data-driven and enforcement-minded regulator.
The decision follows years of consultation and criticism of the patchwork system overseen by multiple professional body supervisors (PBSs), and repeated calls for greater coherence, accountability and effectiveness.
The reform seeks to address ‘inconsistency, inefficiency, and potential vulnerabilities’ in the current framework – vulnerabilities that have been laid bare in recent years.
There have been several high-profile examples of how law firms can be drawn into allegations that they have facilitated complex fraud and money laundering schemes.
Author summary: UK shifts to single AML regulator.
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