Expanded AML remit for the FCA: a good or bad thing?

There has been an ongoing debate in the UK about anti-money (AML) supervision. Those institutions, businesses and professions which are most likely to be targeted by criminals to launder money must abide by strict standards to identify customers and to prevent their services from being exploited. If you were to design a system from scratch, you would likely not come up with the current regime comprising 25 different AML supervisors, with 22 of those being professional body supervisors for lawyers and accountants. However, the existing system has evolved over time and provides speciali...