SMEs yet to be ruled out of money laundering levy

Government launches consultation on planned economic crime levy 

23 Jul 2020

The government has launched a consultation into how its economic crime levy should be rolled out following its announcement in the March 2020 budget.

In its consultation document the government said it believes that a mandatory levy is the only way to obtain a contribution from an appropriate cross-section of 90,000 AML-regulated firms.

The levy aims to raise approximately £100m per year from such firms, which may still include small businesses at high-risk of exposure to money laundering.

The consultation explores the ‘proportionality and affordability’ of the levy at various levels, suggesting that businesses should pay in proportion to the amount of activity they undertake which gives rise to the ri...

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