Economic crime levy consultation

Industry News | 28/09/21

The Government published its response to a consultation on the proposed Economic Crime Levy.

AML-regulated entities with over £10.2 million in UK revenue will be liable to pay the levy, which will first be collected in 2023/24 (April 2023 – March 2024). The levy will be collected by the three public sector AML statutory supervisors: the Financial Conduct Authority, HM Revenue & Customs, and the Gambling Commission.

The government is now holding a technical consultation on the Economic Crime (Anti-Money Laundering) Levy draft legislation, ahead of its inclusion in the 2021-22 Finance Bill, to ensure the legislation operates as intended. This consultation runs until 15th October 2021.

Source: HM Treasury