The Association of Chartered Certified Accountants (ACCA) is concerned about the UK Government’s plan to shift anti-money laundering (AML) supervision from professional body supervisors to the Financial Conduct Authority (FCA). The ACCA warns of “significant weaknesses” in the proposed model, fearing increased exposure to economic crime and potential negative impacts on the accountancy sector’s development. They also express concerns about higher costs, reduced professional competence checks, and weaker oversight under the new system. The ACCA urges the government to engage with UK accountancy organizations to address uncertainties in the proposals.

Read more at Yahoo: ACCA raises concerns over FCA move for AML supervision