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FCA Takes Charge to Combat £100 Billion Money Laundering

1/1/2026

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Summary

Story summary

The Financial Conduct Authority (FCA) will become the UK legal sector's watchdog to crack down on money laundering amid £100 billion laundered annually.
The FCA will replace nine supervisors, including the Solicitors Regulation Authority (SRA), with stricter penalties and greater scrutiny.
In the past year, the SRA issued 86 fines totaling £1.5 million, while the FCA imposed six fines totaling £82 million.

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Story summary

The Financial Conduct Authority (FCA) will become the UK legal sector's watchdog to crack down on money laundering amid £100 billion laundered annually.
The FCA will replace nine supervisors, including the Solicitors Regulation Authority (SRA), with stricter penalties and greater scrutiny.
In the past year, the SRA issued 86 fines totaling £1.5 million, while the FCA imposed six fines totaling £82 million.