The Financial Conduct Authority (FCA) will become the new anti-money laundering supervisor for the legal sector, consolidating oversight currently spread across nine regulators. The shift aims to address the IJlCs El00bn annual money laundering issue. Priya Giuliani, a financial crime investigator, noted the urgency for the UK to present a credible supervisory system to the Financial Action Task Force (FATF) by August 2027.
The FCA’s approach will differ from the Solicitors Regulation Authority (SRA), which has limited powers. Steve Smart, FCA’s executive director, said:
“Fighting financial crime is a priority for the FCA and we have experience in anti-money laundering supervision which we will bring to bear. We intend to take a data-led and proportionate approach — with a focus on partnering with firms to identify and disrupt crime.”
The Guardian