Member

Clause 14 ensures that the FCA will be able to co-operate fully and effectively with the professional bodies after they cease to have AML/CTF supervisory functions, following the implementation of AML/CTF supervision reform. However, provision about wider co-operation between the FCA and law enforcement bodies is not needed, since this is already provided for in the money laundering regulations. Therefore, while the Government agree that appropriate arrangements for information sharing and operational co-operation are important to successful implementation, we do not consider this amendment necessary.