Policy paper

Economic Crime (Anti-Money Laundering) Levy: draft legislation

This measure introduces the draft legislation for a new levy on the anti-money laundering (AML) regulated sector – the Economic Crime (Anti-Money Laundering) Levy, or ‘ECL’.

• From: HM Treasury
• Published: 21 September 2021

This was published under the 2019 to 2022 Johnson Conservative government

Documents

Economic Crime (Anti-Money Laundering) Levy: draft legislation

PDF, 98 KB, 8 pages

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Explanatory note

PDF, 183 KB, 9 pages

Details

At Budget 2020, the government announced a new levy to raise £100 million per year from the AML-regulated sector to help fund ambitious reforms outlined in the government’s 2019 Economic Crime Plan.

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 ECL 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].

Published 21 September 2021