Reform of Anti-Money Laundering Supervisory Regime in the UK
The UK government has announced that the Financial Conduct Authority (FCA) will be the single professional services supervisor as part of its reform of the anti-money laundering and counter-terrorism financing supervision regime.
This change will significantly reduce the role of the Solicitors Regulation Authority (SRA), impacting solicitors who will face significant changes.
The FCA will work with the regulators and the professional services sector – including the legal sector – to improve the UK’s defences against money laundering.
Author's summary: UK reforms anti-money laundering regime.
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