Following the announcement by HM Treasury in October that the Government has decided that the Financial Conduct Authority should become the single professional services supervisor for anti-money laundering/ countering the financing of terrorism (see our previous briefing), a Consultation Paper has now been published providing further details of the reform proposals and requesting responses by 24 December 2025. 

In our latest briefing we set out our key takeaways from the Consultation; the expected timeline for changes; and steps for impacted firms to consider taking now.