Strengthening the UK’s Financial Crime Framework
In a move to strengthen the United Kingdom’s framework for combating financial crime, Steve Smart, who serves as the joint executive director for enforcement and market oversight at the Financial Conduct Authority (FCA), outlined the agency’s commitment to enhancing anti-money laundering (AML) and counter-terrorism financing (CTF) supervision.
Enhanced Supervision Regime
Smart acknowledged the prospective advantages that an upgraded supervision regime would offer:
“By refining our approach to AML supervision, we can streamline oversight of professional services, ensure uniformity in monitoring, and effectively pinpoint and dismantle criminal activities.”
Collaboration with Stakeholders
The FCA intends to collaborate closely with various stakeholders, including the Government, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), and other key partners within the professional sector, such as HM Revenue and Customs (HMRC). This partnership aims to bolster the UK’s capabilities in the fight against financial misconduct.
“We can leverage our considerable experience in this domain to manage a seamless transition and guarantee robust regulatory practices,”
Smart emphasized.
Commitment to National Efforts
Additionally, the newly introduced regime promises to foster better collaboration with law enforcement agencies, thereby enhancing efforts to fight money laundering. The FCA, which operates on a national scale, plans to establish a strong operational presence for this initiative beyond London, signaling a comprehensive commitment to tackling financial crime across the entire country.
