UK Considering Single Anti-Money Laundering Authority

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The prospect of a single Anti-Money Laundering Authority (SAS) is under consideration in the UK, as the government responds to a recent review highlighting potential weaknesses in the existing anti-money laundering supervision. In a new consultation initiated by HM Treasury (HMT), the idea of consolidating all anti-money laundering and counter-terrorist financing efforts under a single supervisor is being explored. This ambitious proposal envisions the integration of responsibilities currently held by entities such as the Financial Conduct Authority (FCA), the Gambling Commission (GC), HM Revenue & Customs (HMRC), and professional services supervisors (PBSs). Moreover, this proposed SAS would entail the winding down of the current Office for Professional Body Anti-Money Laundering Supervision (OPBAS). If realized, this comprehensive approach could significantly reshape the anti-money laundering landscape in the UK, streamlining efforts and potentially enhancing regulatory effectiveness.

(Source: Vixio)
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