Source · Select Committees · Treasury Committee
Recommendation 40
40
Acknowledged
Paragraph: 168
We recommend that HMRC’s role as a supervisor is reviewed as part of the HM...
Recommendation
We recommend that HMRC’s role as a supervisor is reviewed as part of the HM Treasury review of the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017, due by June 2022. That review should also focus on what can be done to improve money laundering compliance by trust or company service providers.
Government response summary AI-generated
The government welcomes the recognition of OPBAS's progress and states that OPBAS is focusing on the effectiveness of PBS AML supervision, with the FCA engaging with HM Treasury as part of its review of the AML/CTF supervisory regime.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
168
Government Response
Acknowledged
HM Government · verbatim extract
Acknowledged
As mentioned in our response to paragraph 154 of the TSC report, HM Treasury is currently conducting a review of the AML supervisory landscape and OPBAS’s role which will consider the case for changes. Our response to paragraph 167 refers to cross-Government work being led by HMT to address the risks posed by abuse of the TCSP sector.
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