Sarah Bradford looks at the new Economic Crime (Anti-Money Laundering) Levy.
The Economic Crime (Anti-Money Laundering) Levy is a new levy, the legislation for which is included in Finance Bill 2022 published on 4 November 2021 (Royal Assent to which is awaited at the time of writing). Draft legislation was published for consultation ahead of the Bill.
Nature of the levy
The introduction of the economic crime (anti-money laundering) levy was announced at Budget 2020. The purpose of the levy is to raise money to help fund reforms to tackle money laundering and economic crime. It is anticipated that the levy will raise approximately £100 million a year.
The levy will be paid by firms that are subject to the money laundering regulations.
The levy will be collected by the Financial Conduct Authority, the Gambling Commission and HMRC
