Serious organised crime generally cannot obscure the source of their funds alone, as they seek to put distance between their illicit funds and the crime, whether fraud or human trafficking. Lawyers and accountants are at high risk of enabling money laundering, points out the UK regulator the FCA (Financial Conduct Authority). Its Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has released its latest report on progress made in tackling money laundering.
Although the progress by PBSs (professional body supervisors, such as associations for bookkeepers, solicitors and conveyancers) over 2019 has been encouraging, according to the Office, there is ‘significant work to be done’ on implementation and testing of the PBSs’ risk-based processes and the data analysis that sits behind them, the 27-page report concludes.
The report notes that the legal sector has issued notably fewer numbers of fines for non-compliance than the accountancy sector (11 versus 226); some bodies PBSs did not take any kind of enforcement action for AML non-compliance last year. OPBAS says it is taking a ‘risk-based approach to supervision’.
What they say
Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialist, said: ‘We are pleased to see that OPBAS’ work is leading to positive changes in how professional bodies oversee the fight against dirty money. But there is still work to do, and in 12 months’ time we expect to see even greater improvements in anti-money laundering measures.’
About OPBAS
In 2018, the UK Government created the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), partly to work on information and intelligence sharing with police. For its report visit the FCA website.
