IFA signs AASG letter on AML supervisory reform

The 13 Professional Body Supervisors (PBSs) which oversee AML/CTF compliance for the accountancy sector in the UK have written a joint letter to Baroness Penn, HM Treasury Lords Minister to express their shared concern for some of the models proposed in the Treasury’s consultation: “Reforming anti-money laundering and counter-terrorism financing supervision”.  

The IFA, along with other accountancy PBSs, believe only one of the models can support that ambition within a reasonable timescale, and without significant risks or costs: Model 1 (OPBAS+). The other three models carry with them significant risks which at best could see money laundering grow and at worst see the whole supervisory regime collapse.  

Read the full letter and the IFA’s full consultation response.