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<p>Since 2018, the Office for Professional Body Anti-Money Laundering Supervision
(OPBAS) has worked with the accountancy and legal sector professional body anti-money
laundering supervisors (PBSs) to increase the consistency of their anti-money laundering/counter-terrorist
financing (AML/CTF) supervision and facilitate increased intelligence and information
sharing. OPBAS has independently assessed how each PBS carries out their AML/CTF supervisory
responsibilities.</p><p> </p><p>In its third report, published in September 2021,
OPBAS found that although PBS compliance with the Money Laundering Regulations continues
to improve, there were some weaknesses in the effectiveness of their supervision,
including risk assessment, governance and enforcement.</p><p> </p><p>OPBAS noted significant
improvements in PBSs’ technical compliance, driven in part by PBSs’ positive response
to action plans drawn up as a result of the first annual report. However, OPBAS will
continue to work with individual PBSs to address issues identified in the third report.</p><p>
</p><p>In addition, HM Treasury is currently reviewing the UK’s AML/CFT regulatory
and supervisory regimes.</p>
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