Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the consistency of enforcement by the Office for Professional Body Anti-Money Laundering Supervision across legal sector regulators.

OPBAS oversees 22 Professional Body Supervisors (PBSs) in the legal and accountancy sectors, to improve their Anti-Money Laundering/Counter-Terrorist Financing (AML/CTF) supervision. Its powers include obtaining information from PBSs, appointing skilled persons to improve supervisory work, and recommending that HM Treasury remove a PBS as an AML/CTF supervisor. OPBAS produces annual reports on PBS performance against the expectations set out in its Sourcebook. These show that OPBAS has delivered substantial improvements since 2018; however some weaknesses remain and HM Treasury has consulted on further options for reform.