UK Unveils New Private Sector Money Laundering Watchdog

Law360, London (July 21, 2017, 11:58 AM BST) -- Britain has unveiled a new watchdog to help tackle private sector loopholes that allow money laundering and terrorist financing to spread.

The Office for Professional Body Anti-Money Laundering Supervision, or OPBAS, will tackle potential weaknesses in the supervisory system that criminals and terrorists may be trying to exploit.

The legislation that puts the watchdog on the statute books builds on the EU’s fourth Anti-Money Laundering Directive, which came into effect in June and set the standards that AML supervisors must meet.

Announcing the new body on Thursday — after revealing it in March — the government also published a further consultation on extending...

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