Crime Solicitors

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

OPBAS is the latest initiative in the government’s crackdown on money laundering and terrorist financing, working in partnership with the private sector to tackle the threats.

The watchdog aims to raise standards across the supervisory regime – and will ensure supervisors and law enforcement work together more effectively to help identify and tackle criminals.

There are 25 Anti-Money Laundering (AML) supervisors in the UK – 22 of which are accountancy and legal services providers’ professional bodies.

The government says that these professional bodies bring “substantial benefits” to the regime – but having several organisations supervising the same sectors risks inconsistencies, which criminals may look to exploit.

OPBAS will work with professional body AML supervisors to help ensure consistently high standards of supervision, with resources focused on the greatest risks, while minimising unnecessary burdens on the vast majority of legitimate businesses.

The scheme builds on the 2017 Money Laundering Regulations (MLRs), which took effect in June and set the standards that AML supervisors must meet.

OPBAS will have powers to help and ensure professional body AML supervisors meet those standards – these include the powers to publicly censure or recommend Treasury remove professional bodies which do not comply with their requirements in the MLRs.

There will be complementary safeguards so that professional bodies have opportunities to engage with OPBAS before any penalty is issued – and, if necessary, to appeal a decision.

Economic Secretary Stephen Barclay said:

“The government is delivering the biggest reforms in a decade to tackle money laundering and terrorist financing.

“The new watchdog will work closely with private sector, strengthening our partnership to ensure the UK remains a global leader in the fight against corruption.

“We are making sure that businesses do not have to shoulder unnecessary burdens, while taking the vital steps to disrupt and punish criminals.”

Research shows that serious and organised crime costs the UK at least £24 billion a year.

Duncan Lewis Crime Solicitors

Duncan Lewis Crime Solicitors can advise at any stage of a business offence, including at the start of an investigation and before charges are brought.

Our specialist business crime solicitors advise on false accounting, failure to keep adequate records, breach of bankruptcy restrictions, embezzlement, extortion, VAT and tax evasion, misrepresentation, company fraud, financial fraud and white collar crime.

Duncan Lewis Solicitors can liaise with investigating authorities, including HMRC, The Insolvency Service, SFO, FCA, BEIS and City of London Police.

There are Duncan Lewis offices across England and Wales – and a Duncan Lewis criminal defence lawyer can usually reach a police station for interview under caution within an hour. Duncan Lewis is a leading provider of Legal Aid criminal defence services.

Duncan Lewis can also advise on Confiscation Orders under the Proceeds of Crime Act (POCA).

For expert legal advice on all business offences, call Duncan Lewis business crime solicitors on 0333 772 0409.

For 24/7 help at a police station, call the Duncan Lewis Solicitors 24-Hour Emergency Helpline on 0333 772 0607.