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UK professional bodies slow to act on money laundering, supervisor finds

( March 19, 2020, 16:58 GMT | Official Statement) -- MLex Summary: The accountancy and legal sectors' professional bodies are still slow to take enforcement action against their members for money laundering failings, their supervisor has found. In a progress report published today, the Office for Professional Body Anti-Money Laundering Supervision said UK bodies failed to take such enforcement action in 41 percent of cases between May 2018 to April 2019. While progress has been made over the past year, the UK's legal sector issued only 11 fines for noncompliance with anti-money laundering measures, compared with 226 fines issued by the accountancy sector, said OPBAS, which sits within the Financial Conduct Authority.Statement follows. The report is attached....

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