It is interesting to hear that the government is setting up a new body - the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) - to streamline the existing guidelines governing anti-money laundering (AML) efforts in the UK.
At first glance this looks to be another positive step for the government in its fight against financial crime. However, only time will tell whether the new group will effectively contribute to the numerous trade bodies already in place tasked to do the same thing.
The Government is to set up a new watchdog to close loopholes used by criminals as part of a wider clampdown on money laundering and terrorist financing. It plans to launch the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) - a new group that will sit within the Financial Conduct Authority (FCA) - by the start of next year. It comes as the Government moves to introduce new, stricter money laundering regulations that it said would ensure the UK meets the latest global standards. The aim is for OPBAS to iron out the inconsistencies and gaps between the myriad different guidelines that govern anti-money laundering (AML) efforts and other measures tackling financial crime.