U.K. accounting organizations deny they have been lax in countering money laundering.

An Institute of Chartered Accountants in England and Wales official said the Financial Conduct Authority (FCA) unit that reported on supervisory shortcomings March 12 hasn’t found any significant fault with his association’s practices.

“The reader may be left with the unfortunate and incorrect impression that ICAEW had significant failings in its own report when this would be far from correct,” Duncan Wiggetts, ICAEW head of professional standards,