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A7.130 The Economic Crime (Anti-Money Laundering) Levy—overview

With effect for the financial year beginning 1 April 2022, Finance Act 2022 introduced the Economic Crime (Anti-Money Laundering) Levy which is part of the government's wider objective, outlined in the 2019–2021 Economic Crime Plan (ECP) to develop a long-term sustainable resourcing model to tackle economic crime. The levy aims to raise £100m per year from businesses regulated for anti-money laundering purposes¹ under SI 2017/692 (see A7.115). Its purpose is to pay for government initiatives outlined in the ECP to help tackle money laundering. The government will undertake a review of the levy by the end of 2027. The review may consider matters such as whether the levy is meeting its original policy objectives; whether it should continue; whether it should remain based on just the AML-regulated sector; and whether it is being calculated and collected appropriately².

The sectors that will be impacted by this measure are³:

1. Ìý

   •ÌýÌýÌýÌý credit institutions

2. Ìý

   •ÌýÌýÌýÌý financial institutions

3. Ìý

   •ÌýÌýÌýÌý auditors, insolvency practitioners, external accountants