Question to the HM Treasury:

To ask His Majesty's Government what consideration they have given to consolidating the anti-money laundering supervisory responsibilities of professional body supervisors under a statutory regulator, such as the Financial Conduct Authority.

The Chancellor announced in October that the Financial Conduct Authority (FCA) will become the Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) supervisor for professional services firms, simplifying the current complex model. The FCA are currently working on the implementation of this new supervisory framework and HM Treasury will announce next steps shortly.