06 November 2025
HM Treasury has announced plans to simplify the Anti-Money Laundering (AML) landscape by consolidating the function into the Financial Conduct Authority (FCA).
The Regulation Action Plan states:
“HM Treasury will consolidate the anti-money laundering (AML) and counter-terrorist financing (CTF) supervisory functions of 22 professional services supervisory bodies. The Financial Conduct Authority (FCA) will assume responsibility for this. Reform of the UK’s AML / CTF supervision regime will strengthen the UK’s defences against illicit finance, support sustainable growth, and simplify a complex regulatory system.”
This is further expanded on in the Reforming anti-money laundering and counter-terrorism financing supervision consultation response. Here rationale, timelines and next steps are discussed; this includes the need for primary legislation and therefore will rely on parliamentary time to decide the timescales involved.
In our recent consultation response on tax adviser registration, we were seeking to explore how the CIPP could best support members through AML supervision. We will keep you updated as we know more, however, this announcement changes the options available to the CIPP in exploring becoming a professional body supervisor and will require some further consideration.
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