After a two-year wait for a consultation on anti-money laundering (AML) supervision reforms, the government has finally announced that there will be changes made.
Simplifying the regime
While there hasn’t been a timeline given yet, the government plans to merge AML and terrorist financing supervision for accountancy, legal and trust and company service providers into one Single Professional Services Supervisor (SPSS), the Financial Conduct Authority (FCA).
This means that HMRC and professional bodies will give up their AML supervision of the sector.
The government has said the aim is to simplify the regime within a single professional services supervisor; however, the CIOT and ATT have concerns and say it is not their preferred model.
‘Not our preferred model’ – CIOT and ATT respond
The Chartered Institute of Taxation (CIOT) and Association of Taxation Technicians (ATT) have advised that significant investment and planning will be needed to move from supervisors with a commercial understanding of the work and effective processes already in place.
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They are also calling for:
- Early clarity on the proposals.
- A realistic timeline for the transition.
- Keeping burdens on the supervised population proportionate.
- Ensuring the education and bespoke support currently provided to members remains available to them.
CIOT and ATT’s preferred model in response to the 2023 consultation is strengthened professional body supervision, overseen by an independent body, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS).
The key benefits of this would be:
- The professional bodies’ expertise and knowledge of their members’ work.
- Their ability to support firms in compliance with clear processes already in place.
- Efficiencies and simplicity through streamlining with other regulations of professional standards of their members.
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