Spotlight on Corruption publishes submission to HMT consultation on AML reform

Article summary

Spotlight on Corruption (SoC) has published its submission to HM Treasury’s (HMT) consultation on reform of the anti-money laundering (AML) and counter-terrorism financing supervisory regime. SoC has agreed that increased supervisory effectiveness, improved system coordination and feasibility are the correct objectives for the project and with their relative priority. SoC has noted, however, the importance of improved system co-ordination and feasibility in achieving supervisory effectiveness. SoC has said that the Single Professional Services Supervisor (SPSS) should be a new public body created through statute as an independent supervisor and should supervise the entirety of the legal and accountancy sectors. SoC has also said that the SPSS should be answerable to HMT for its performance as a supervisor, through submission of an annual report and holding an annual public meeting. SoC has said that it also believes that a Select Committee should be given ‘a statutory veto on appointments and dismissals of...