Professional Services

FCA to run anti-money laundering checks on lawyers and accountants

Law Society and ICAEW warn that a single supervisor could increase costs and regulatory burdens

image
Professional services bodies will see their role supervising dirty money in their sectors reduced as the UK's markets watchdog takes on an expanded remit Photo: Chris Ratcliffe/Bloomberg/Getty Images

The Financial Conduct Authority is set to take charge of supervising anti-money laundering across accountants and law firms in a move that professional bodies warn risks increasing the burden of regulation.

Three statutory supervisors — the FCA, the Gambling Commission and HMRC — and 22 professional bodies currently supervise the legal and accountancy sectors’ efforts to stop dirty money.

WSJ Logo