{"id":87541,"date":"2017-12-21T13:11:38","date_gmt":"2017-12-21T13:11:38","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=1cc3631125d6b614b2181f00bb3999d4"},"modified":"2017-12-21T13:11:38","modified_gmt":"2017-12-21T13:11:38","slug":"news-story-uk-establishes-new-money-laundering-watchdog","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=87541","title":{"rendered":"News story: UK establishes new money laundering watchdog"},"content":{"rendered":"<div class=\"govspeak\">\n<p>The Office for Professional Body <abbr title=\"Anti-money laundering\">AML<\/abbr> Supervision (<abbr title=\"Office for Professional Body AML Supervision\">OPBAS<\/abbr>) will work across the UK\u2019s anti-money laundering supervisory regime to improve standards and ensure supervisors and law enforcement work together more effectively.<\/p>\n<p>It will directly oversee the 22 accountancy and legal professional body <abbr title=\"Anti-money laundering\">AML<\/abbr> supervisors in the UK. Having several organisations supervising the same sectors risks inconsistencies that criminals could look to exploit.<\/p>\n<p><abbr title=\"Office for Professional Body AML Supervision\">OPBAS<\/abbr>, which will operate within the <abbr title=\"Financial Conduct Authority\">FCA<\/abbr>, will ensure the 22 bodies meet the high standards set out in the <a rel=\"external\" href=\"http:\/\/www.legislation.gov.uk\/uksi\/2017\/692\/pdfs\/uksi_20170692_en.pdf\">Money Laundering Regulations 2017<\/a>, and have powers to investigate and penalise those that do not.<\/p>\n<p>The Economic Secretary to the Treasury, Stephen Barclay, said:<\/p>\n<blockquote>\n<p>Our partnership with the private sector is at the heart of this reform, and <abbr title=\"Office for Professional Body AML Supervision\">OPBAS<\/abbr> will help our supervisors tighten the UK\u2019s defences against dirty money whilst minimising unnecessary burdens on legitimate business.<\/p>\n<p class=\"last-child\">This is the latest step in the government\u2019s reforms to the UK\u2019s financial system to make it a hostile environment for illicit finance<\/p>\n<\/blockquote>\n<p>The <abbr title=\"Office for Professional Body AML Supervision\">OPBAS<\/abbr> regulations have been laid in Parliament and will take effect on 18 January. Implementing <abbr title=\"Office for Professional Body AML Supervision\">OPBAS<\/abbr> delivers the government\u2019s commitment to reform the <abbr title=\"Anti-money laundering\">AML<\/abbr> supervisory regime, a key part of the <a href=\"https:\/\/www.gov.uk\/government\/publications\/action-plan-for-anti-money-laundering-and-counter-terrorist-finance\">2016 Action plan for anti-money laundering and counter-terrorist finance<\/a>.<\/p>\n<p>It is the latest step in the government\u2019s biggest reform of the <abbr title=\"Anti-money laundering\">AML<\/abbr> regime in a decade, complementing wider work including enhancing law enforcement\u2019s powers through the Criminal Finances Act and updating the Money Laundering Regulations to implement the latest international standards, both of which took effect earlier this year.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A new watchdog has been created to further tighten the UK\u2019s defences against money laundering and terrorist financing.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/87541"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=87541"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/87541\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=87541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=87541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=87541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}