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Banking & Financial Crime · Report

Government consults on FCA duties and powers for anti-money laundering supervision

The government has consulted on the duties, powers and accountability the FCA would need to supervise anti-money laundering at legal, accountancy, and trust and company service providers.

Published Source Anti-Money Laundering and Counter-Terrorist Financing Supervision Reform: Duties, Powers, and Accountability Consultation
Government consults on FCA duties and powers for anti-money laundering supervisionGovernment consults on FCA duties and powers for anti-money laundering supervision

The government has consulted on the duties, powers and accountability the FCA would need to supervise anti-money laundering at legal, accountancy, and trust and company service providers.

Key facts

The government has published its consultation on reforming the supervision of anti-money laundering and counter-terrorist financing (AML/CTF) compliance among professional services businesses.

Background

The government has decided that the Financial Conduct Authority (FCA) should take over responsibility for AML/CTF supervision of legal, accountancy, and trust and company service providers.

What the consultation covers

The consultation covers subsidiary considerations related to that move. It sets out proposals for the key duties, powers and accountability mechanisms the FCA will need to be an effective supervisor of professional services businesses. It also sets out the legislative changes needed to put them into effect.

Respondents were asked whether these are the right changes to make. The questions appear throughout the document and are listed in full in Annex C.

Timing

The consultation ran from 6 November 2025 to 24 December 2025. Responses could be sent to the Treasury's anti-money laundering branch.

CONNAUGHT LAW NEWS · TIMELINEAML/CTF supervision reform consultation6 November 2025Consultation opens24 December 2025Consultation closesSource: Anti-Money Laundering and Counter-Terrorist Financing Supervision Reform: Duties, Powers, and AccountabilityConsultationConnaught Law Newsnews.connaughtlaw.com
AML/CTF supervision reform consultationPortrait version (SVG)

What this means for professional firms

Legal, accountancy, and trust and company service providers are the businesses whose AML/CTF supervision the government has decided the FCA should take over. The consultation sets out the duties, powers and accountability mechanisms proposed for the FCA in that role, and the legislative changes needed to bring them in.

Sources

  • Anti-Money Laundering and Counter-Terrorist Financing Supervision Reform: Duties, Powers, and Accountability Consultation, GOV.UK: https://www.gov.uk/government/consultations/anti-money-laundering-and-counter-terrorist-financing-supervision-reform-duties-powers-and-accountability-consultation
How Connaught Law can help Asset tracing and freezing Our service page · speak to a solicitor → Primary source Anti-Money Laundering and Counter-Terrorist Financing Supervision Reform: Duties, Powers, and Accountability Consultation gov.uk →

Connaught Law News reports legal changes and judgments in plain English. It is news, not legal advice: the outcome in your own case depends on your facts, so speak to one of our solicitors before acting. We check every item against its source, but mistakes can happen; rely on the linked document, and tell us if you spot an error.