Industry Hesitant Over New UK Money Laundering Watchdog

UK government proposals to “crack down” on money laundering by establishing a new supervisory authority must not lose sight of current regulatory gaps in the financial sector, industry insiders have warned.

HM Treasury announced last week that it would seek to improve the supervision of high-risk sectors by establishing a new watchdog — the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) — housed within the Financial Conduct Authority (FCA).

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