In the March 2020 Budget, the UK government announced its intention to introduce an economic crime levy, which aims to raise approximately £100m per year from entities regulated for anti-money laundering (AML) purposes. This forms part of the government’s 2019 economic crime plan, and it is driven by an evaluation by the Financial Action Task Force (FATF) which recommended the UK increase resourcing of its Financial Intelligence Unit (FIU). HM Treasury is now consulting on the proposed levy to ensure it is operational, proportionate and effective. The decision to impose a levy would appear to have already been taken. It is now simply about who will bear it and what the charging method will be.
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In the March 2020 Budget, the UK government announced its intention to introduce an economic crime levy, which aims to raise approximately £100m per year from entities regulated for anti-money laundering (AML) purposes. This forms part of the government’s 2019 economic crime plan, and it is driven by an evaluation by the Financial Action Task Force (FATF) which recommended the UK increase resourcing of its Financial Intelligence Unit (FIU). HM Treasury is now consulting on the proposed levy to ensure it is operational, proportionate and effective. The decision to impose a levy would appear to have already been taken. It is now simply about who will bear it and what the charging method will be.
If you are not a subscriber, subscribe now to read this content.
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