24 September 2021
UK HM Treasury has launched a consultation on draft legislation for a new Economic Crime Levy. The consultation deadline is 15 October 2021.
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'.
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: firstname.lastname@example.org.
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