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New U.K. watchdog to close money laundering loopholes

Jaclyn Jaeger | July 25, 2017

The U.K’s new Office for Professional Body Anti-Money Laundering Supervision (OPBAS) said that it will tackle potential weaknesses in the supervisory system that criminals and terrorists may be trying to exploit.

OPBAS marks the latest step in the government’s crackdown on money laundering and terrorist financing, working in partnership with the private sector to tackle these threats. The watchdog will raise standards across the supervisory regime and ensure supervisors and law enforcement work together more effectively to help identify and tackle criminals.

“The government is delivering the biggest reforms in a decade to tackle money laundering and terrorist financing,” Economic Secretary Stephen Barclay said in a statement. “The new watchdog will... To get the full story, subscribe now.