Treasury is consulting on the introduction of the economic crime levy, announced in the Budget, which aims to raise around £100m per year. It wants views on:
- the design principles of the levy
- how it can operate in practice
- what is will pay for
- how it should be calculated and distributed across the AML regulated sector and
- how it should be collected.
Among other things, the levy will help to pay for improvements to the SARs regime and the reform of Companies House. The Government wants to introduce the levy in the financial year 2022/23.
Consultation closes (effectively) on 13 October.