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11 August 2023 / Julie Norris
Issue: 8037 / Categories: Features , Procedure & practice , Criminal
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AML: Radical reform on the cards?

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Anti-money laundering supervision is under scrutiny & law firms are urged to make their voices heard: Julie Norris examines the potential options for change
  • Under reforms currently being considered, responsibility for the supervision of anti-money laundering and counterterrorism could be taken away from the Solicitors Regulation Authority and given to a new body, meaning firms could be subject to dual regulation in future.

HM Treasury is consulting on radical structural reform to anti-money laundering (AML) and counterterrorism (CT) supervision in the regulated business sector as part of the government’s wider effort to crack down on dirty money entering the UK. It recently announced it is gathering feedback on four new potential supervision models, with the stated objectives of, among other things, selecting one that enhances the effectiveness of supervision and improves coordination across the system.

While any changes introduced will impact an array of regulated businesses including accounting firms, barristers’ chambers and conveyancers, it is clear some of the proposals would be more far-reaching for law firms than others. Whichever

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