Consultation outcome

Economic Crime Levy consultation

• From: HM Treasury
• Published: 21 July 2020
• Last updated: 21 September 2021 — See all updates

This was published under the 2019 to 2022 Johnson Conservative government

This consultation has concluded

Read the full outcome

Economic Crime (Anti-Money Laundering) Levy: Response to the consultation

PDF, 618 KB, 54 pages

Detail of outcome

This document summarises responses to the Economic Crime Levy consultation, the government’s response to points raised and next steps. The government received 119 responses and would like to thank all respondents for their helpful and constructive engagement, particularly those stakeholders who have attended consultation meetings. 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 will run until 15 October 2021. Please send responses to: [email protected].

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Original consultation

Summary

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.

This consultation ran from
10am on 21 July 2020 to 12:15am on 14 October 2020

Consultation description

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.

Documents

Economic crime levy: funding new government action to tackle money laundering

PDF, 480 KB, 45 pages

Levy consultation response template

MS Word Document, 101 KB

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Published 21 July 2020
Last updated 21 September 2021 + show all updates

1. 21 September 2021

   Added: The consultation response/outcome.

2. 21 July 2020

   First published.