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Yet more consultation starts over anti-money laundering measures

The government wants the views of estate agents and other professionals affected by anti-money laundering legislation, in a new consultation launched by the Treasury. 

At the end of last week it was announced that there would be a new structure, the Office for Professional Body Anti-Money Laundering Supervision, designed to tackle potential weaknesses in the supervisory system that criminals and terrorists may be trying to exploit, and is also consulting on further developments to the anti-money laundering supervisory regime

There are currently 25 AML supervisors in the UK, almost all professional bodies covering estate agency accountancy and legal services groups.

Consultation earlier this year led to the setting up of OPBAS, which will have powers to ensure the 25 current professional body AML supervisors operate to uniform standards, with similar powers to discipline professional bodies that do not comply with requirements.

So the latest consultation, which runs until August 17, invites views on whether OPBAS as it is now set up actually achieves its goal of helping professional body AML supervisors comply with their obligations. 

You can see the latest consultation here.


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