Bar scathing over need for new AML quango

first_imgThe bar has poured further scorn on plans to set up new anti-money laundering quango, saying its members could be asked to foot the bill for a body that is irrelevant to most of their practices. The Bar Council said the ‘low-risk’ profile of the bar must be taken into account when determining the level of fees to pay for the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), for which it is said there is ‘little justification’.‘There is no reason why a barrister who does not undertake work within the regulated sector should pay a levy to fund a body that is required because of threats posed by the activities of estate agents or accountants,’ the council said in its response to a consultation. OPBAS is being set up by the Financial Conduct Authority to oversee the adequacy of supervisory arrangements at 22 professional bodies. These include the Law Society and Bar Council. Each body will be charged a fee to cover the office’s running costs.The Law Society has already lambasted the scheme, saying that practising certificate fees would have to rise to foot the bill, which the FCA says could be between £15 and £25 per regulated individual. The FCA proposes to charge a fee of £5,000 from bodies applying to be added to the list of organisations under the body’s oversight, along with a ‘fairly distributed’ annual fee. Its ‘working assumption’ is that OPBAS will need to recover £2.5m in 2018/19 and 2019/20 and £2m per year from 2020/21 onwards.However, the Bar Council said no justification or breakdown had been given for the proposed costs and, echoing the Law Society, called for a full consultation on OPBAS’ strategy, business plan and final fee level.‘Given their size, a detailed cost breakdown must be made available so that those bodies who are being asked to foot the bill can analyse it and provide input into the necessity of the resources that they are being charged for,’ the council said. ‘No public body is entitled to levy a fee upon persons given no option but to pay it without providing proper transparency in respect of that fee.’The bar’s response also pointed out that the majority of self-employed barristers do not undertake work within the scope of money laundering regulations. It added that ‘there are no historic examples in the public domain of barristers engaging in money laundering or terrorist financing activities on behalf of their clients’.The FCA is expected to publish feedback and final rules on fees in February or March.last_img read more

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A Glance at the Indians Upcoming Homestand Starting Tonight

first_img Matt Loede has been a part of the Cleveland Sports Media for over 21 years, with experience covering Major League Baseball, National Basketball Association, the National Football League and even high school and college events. He has been a part of the Cleveland Indians coverage since the opening of Jacobs/Progressive Field in 1994, and spent two and a half years covering the team for 92.3 The Fan, and covers them daily for Associated Press Radio. You can follow Matt on Twitter HERE. The Tribe is back at Progressive Field tonight for the first of six games against two interesting foes from the American League West – the Houston Astros and the Seattle Mariners.The Astros come to Cleveland with the best mark in the AL West, leading the division with a 13-6 mark, winners of nine of their last 12.Tonight is a great matchup on the mound, with lefty Dallas Keuchel (3-0, 0.96) going for Houston against Josh Tomlin (1-2, 11.66) for the Indians at 6:10. Wednesday at 6:10 it’s Lance McCullers (2-0, 3.38) for the Astros against Trevor Bauer (1-2, 6.35) for the Tribe, and Thursday it will be Mike Fiers (0-1, 5.40) for Houston against Tribe ace Corey Kluber (2-1, 4.28), also at 6:10pm.Tomlin and Bauer are each coming off their best outings of the season in their last starts, but it will be no easy task going up against Keuchel and McCullers, who are a combined 5-0 and becoming two of the best front line combos in the American League.Keuchel has had great success against the Indians, going 3-0 with a 2.27 ERA in his career against the Tribe. Don’t forget you can visit Betting top10 for the most updated lines on these great matchups for the two top American League teams this week.Houston went 4-3 against the Tribe last season, and with young superstar Carlos Correa, they are a team that will have to be dealt with. Many felt they would be there last season, but like the Indians two seasons ago, they look to be closer to reaching their potential this season. They may be missing one of their big boppers tonight, as George Springer suffered a hamstring injury in Tampa and reports say he may miss one game. He’s tied for the lead in the AL with seven homers this young season.The Indians had a great road trip, going 5-1 against the combo of the Twins and White Sox, and getting themselves right back to the top of the AL Central after starting the year 5-7 after 12 games.After the Astros come to town, it’s three games over the weekend against the Mariners, a team that has gotten off to just the opposite start of the Mariners, starting the year 8-12, last place in the AL West.While they have struggled, they have played better as of late, as they started 1-6 and have gone 7-6 since that slow start. The Indians will get a look at one of the best pitchers in the AL over the weekend, as Felix Hernandez is set to start on Saturday at Progressive Field. Related TopicsAstrosIndiansMarinersMLBcenter_img Matt Loedelast_img read more

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