AML supervisory body plans go to consultation

25th July 2017 | criminal law , government-administration , professional regulation

Solicitors are being urged to respond to a UK Government consultation on how a new anti-money laundering supervisory body should operate and be funded.

The Law Society of Scotland is encouraging its members to give their views on plans for the new Office for Professional Body AML Supervision (OPBAS), created by the Government to improve co-ordination and consistency across the 22 professional body AML supervisors currently operating in the UK and hosted by the Financial Conduct Authority.

OPBAS has been created to help ensure high standards across, whilst imposing the minimum possible burden on legitimate business. It will work with all professional body AML supervisors, including the Society, to help ensure overall standards of supervision are maintained and that supervisors comply with their obligations in the Money Laundering Regulations, as well as providing a platform on which supervisors and law enforcement can work together more effectively.

The HM Treasury consultation discusses the powers OPBAS needs to fulfil its objectives effectively, the relevant fora it might attend and the issues it should report on annually, as well as how the AML supervisory regime might evolve over time, and the potential costs and benefits of OPBAS and streamlined AML guidance. It also seeks evidence to support the Government’s impact assessment, published alongside the consultation.

Of the eight questions in the paper, four call for information from law firms in Scotland relating to the time and cost currently associated with AML compliance and ask whether firms anticipate those costs increasing.

In an email on behalf of the Society, Ian Messer, director of financial compliance, wrote: "I would encourage you to take part in the consultation and to respond directly to HM Treasury at aml@hmtreasury.gsi.gov.uk prior to 17 August 2017. I would be grateful if you would assist our ongoing dialogue with HM Treasury by copying your response to us at fincomp@lawscot.org.uk."

Click here to view the consultation.