Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will undertake an assessment of the effectiveness of the Office for Professional Body Anti-Money Laundering Supervision.

The Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017, allowing for the creation of the Office for Professional Body AML Supervision (OPBAS), came into force in January 2018 and places a requirement on the Treasury to periodically carry out a review of the regulatory provision contained in the regulations and to publish a report setting out the conclusions of the review.

The first report must be published before 26^th June 2022.

OPBAS activity will also be included in the FCA annual report.