While acknowledging the relative advance status of the UK AML regime, the report highlights shortcoming in AML implementation among the professions. The four key challenges identified are:
- The scope and application of the Money Laundering Regulations (MLRs) to the legal and accountancy sectors.
- The types of firms that are subject to AML supervision by the PBSs and, in the case of some accountancy providers, by HMRC
- The relationship between AML supervisors (including OPBAS), law enforcement and supervised firms.
- Incentives for compliance within the legal and accountancy sectors
Relevant firms can read the policy brief and take note of the structural challenges highlighted.