Member

This whole legislation is full of acronyms, such as the OPBAS. I tried to find out what it actually meant—it is the Office for Professional Body Anti-Money Laundering Supervision under the FCA. I have to say that, before this legislation, I was unaware that the OPBAS existed. We already have a body within the FCA charged to look at the whole issue of anti-money laundering and anti-terrorist financing rules, yet it has been proven not to have done a lot. I assume that that FCA sub-institution will now be withdrawn and the FCA will do its function through legislative procedure, and we hope that there will be a better outcome. I find that a little peculiar.