Azizur Rahman | 11 November 2024
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Rahman Ravelli wrote an assessment of the Financial Conduct Authority’s criticism of attempts to tackle the flow of dirty money into the UK.
In a piece for Solicitors Journal, they consider the FCA claim that a lack of real oversight by lawyers, book-keepers and accountants is hampering attempts to combat money laundering.
Rahman Ravelli's piece cites estimates of the scale of money laundering in the UK, explains the work of the FCA’s Office for Professional Body Anti-Money Laundering Supervision (OPBAS) and details how professional bodies are falling short when it comes to supervising their members’ efforts to prevent and identify money laundering.
Rahman Ravelli emphasise that the shortcomings are worrying as members of such bodies are considered to be at high-risk of being used to facilitate money laundering. They also detail some of the proposals for improving the situation.
The full article can be read here.
Featured at: Solicitors Journal
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