The Financial Conduct Authority (FCA) is to take over responsibility for supervising lawyers’ anti-money laundering and counter-terrorism financing (AML/CTF) activities, the government announced today.

The long-awaited decision went against the preference of the profession, while the Solicitors Regulation Authority’s (SRA) bid to become the sole supervisor for all lawyers was rejected

Under the current regime, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) oversees nine legal and 13 accountancy AML supervisors, including the law societies and bar councils of the three UK jurisdictions, called professional body supervisors (PBSs).

In 2023, HM Treasury set out four options for reform: the first was ‘OPBAS+’, with greater powers, including to levy fines – the pr

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