Is AML Move the First Step Towards Single Legal Regulator?
The government's decision to rationalize the oversight of AML supervision could be a precursor to the entirety of legal regulation, according to John Gould, chair of London firm Russell-Cooke.
The move creates a potential precedent of the government rationalising over-complex regulation of lawyers by appointing its own agency.
HM Treasury announced that the regulation of all lawyers' AML activities would move from nine different regulators across the UK to the FCA. Mr Gould, author of "The Law of Legal Services", also expressed concerns that giving the government more power over lawyers could be an error in the long run.
Author's summary: AML move may lead to single legal regulator.
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