Economic Crime Levy consultation
This consultation seeks views on the economic crime levy. The levy will fund new government action to tackle money laundering, and help deliver the reforms committed to in the 2019 Economic Crime Plan.
At Budget 2020 the government announced its intention to introduce an economic crime levy. This consultation invites views on the design principles of the levy, and how this levy could operate in practice, to ensure that it is proportionate and effective. It has been developed to help realise the public and private sectors’ shared ambition to improve the UK’s response to economic crime.
The consultation seeks views on what the levy will pay for, how it should be calculated and distributed across the anti-money laundering (AML) regulated sector, and how the levy should be collected. The consultation also includes a call for evidence on current levels of private sector investment on counter fraud measures, as well as gauging private sector views on contributions towards funding the fraud response.
Economic crime represents a significant and ever-changing threat to the UK that has a harmful impact on our economy, competitiveness, citizens, and institutions. The levy aims to raise approximately £100 million per year from entities regulated for AML purposes and support reforms to the sustainable resourcing of economic crime, as outlined in the 2019 Economic Crime Plan.