Latest News

18 Feb

Public sector contracts probed in first Quarterly Economic Survey

The extent to which smaller firms are able to access public sector contracts is being probed in the first East Midlands Chamber* Quarterly Economic Survey (QES) of the year.

18 Feb

Business space available at at1.SPACE

Unique space available at1.SPACE Located on Triumph Road, NG7, next to the Nottingham University Jubilee Campus and the QMC hospital.

18 Feb

New facility will improve patient care by speeding up medical product development

Plans have been submitted for a new facility focusing on the commercialisation of medical devices and technologies, which is seeking major D2N2 Local Enterprise Partnership funding.

UK launches new anti-money laundering watchdog

Posted on January 24th, 2018

A new watchdog launches today to strengthen the UK’s defences against money laundering and terrorist financing.

OPBAS will directly oversee the 22 accountancy and legal professional body AML supervisors in the UK.

It will ensure these 22 organisations meet the high standards set out in the Money Laundering Regulations 2017 and has powers to investigate and penalise those that do not.

The Economic Secretary to the Treasury, John Glen, said: "This new watchdog will deepen the Government’s partnership with the private sector as we work together to tackle illicit finance whilst minimising the burdens on legitimate businesses. This sends a clear message to criminals and terrorists that their dirty money is not welcome here."

Launching OPBAS delivers on the Government’s commitment to reform the AML supervisory regime, a key part of the 2016 action plan for anti-money laundering and counter-terrorist finance.

It is the latest step in the Government’s biggest reform of the UK’s AML regime in a decade, building on wider work including enhancing law enforcement’s powers through the Criminal Finances Act and updating the Money Laundering Regulations to implement the latest international standards, both of which took effect in 2017.

It also complements the Government’s work with the private sector to raise awareness of financial crime and how to guard against it, including through the Flag It Up and the Take Five campaigns.

The Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017, which underpin OPBAS, took effect on 18 January.

OPBAS will not directly monitor the businesses that the professional bodies supervise.


Back