Government strips SRA of anti-money laundering powers
Responsibility for AML and counter-terrorism financing supervision will pass to the Financial Conduct Authority.
The Solicitors Regulation Authority is to lose its anti-money laundering responsibilities, with supervision of law firms passed to City watchdog the Financial Conduct Authority.
Chancellor Rachel Reeves announced the transfer, as she unveiled a 'blitz on business bureaucracy' aimed at driving the government's economic growth agenda.
Following a consultation that began in 2023, the government is to designate the FCA as Single Professional Services Supervisor (SPSS) for AML.
blitz on business bureaucracy
Author's summary: SRA loses AML powers to FCA.