The UK Government is creating the “Office for Professional Body Anti-Money Laundering Supervision” (OPBAS), which will be tasked with fighting money laundering and related criminal activities. The government wants the new office ready to work by the early next year.
OPBAS will act in tandem with the UK Financial Conduct Authority (FCA) as the government unveils a series of new, tougher money-laundering laws designed to put it in line with global finance standards.
One of its first acts will be to rework regulations to end inconsistencies in guidelines that govern anti-money laundering efforts. The UK has nearly two dozen accountancy and trade bodies (such as the UK Gambling Commission) that oversee rules that touch money laundering in various sectors of the economy.
Authorities have been concerned that the bird’s nest of overlapping guidelines make it easier for criminals to exploit them. The government hopes OPBAS will be able to bring order to this chaos—and at the same time make things easier for legitimate businesses to operate without running afoul of red tape.
UK Business Minister Lord Prior told SBC News: “The Cutting Red Tape Review asked firms to identify needless, confusing or unclear bureaucracy that could constrain legitimate business and distract from the fight against money laundering and terrorist financing.” He added, “We are committed to making the system work better for the majority of law-abiding British businesses. The evidence submitted from a wide range of businesses, trade bodies, NGOs and other organizations has been invaluable in developing our approach to removing unnecessary burdens while stepping up the fight against money laundering.”
