Source · Select Committees · Treasury Committee
Recommendation 40
40
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.
Paragraph Reference:
168
Government Response
Not Addressed
HM Government
Not Addressed
We welcome the report’s recognition of the progress OPBAS has achieved. Over the last four years, under the supervision of OPBAS, the Professional Body Supervisors (PBS) have made significant improvements in their compliance with their obligations under the MLRs. OPBAS is now focusing on the effectiveness of the PBS AML supervision. As OPBAS states in its third report, while some PBSs are demonstrating good practice, OPBAS found during its 2020/21 assessments, differing levels of achievement and some significant weaknesses in the effectiveness of supervisory frameworks that PBSs have in place – which is informing our future work plan in this area so that effectiveness is improved. OPBAS expects PBSs to continue investing in, and strengthening their AML supervision, to have the greatest impact on the prevention of financial crime and that the PBS will continue to work closely with other authorities to make the UK an inhospitable place for criminals. OPBAS will continue to evolve its approach to supervision, using a wider range of methods to enrich its understanding of risks and drive more effective supervision by PBSs. It will continue to make robust interventions where PBSs do not make required progress. The FCA is engaging with HM Treasury as part of its review of the AML/CTF supervisory regime.