Lack of City of London oversight hurting efforts to halt dirty money, FCA warns

"The FCA's recent report highlights a critical failure in the oversight of professional bodies responsible for anti-money laundering within the City of London, emphasizing the alarmingly low investment in compliance activities."

"Despite ongoing criticism, many professional bodies continue to outsource their anti-money laundering services, resulting in inadequate supervision that ultimately weakens the UK's ability to combat illicit finance effectively."

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