The Treasury consultation on the imposition of an economic crime levy concluded last October and Treasury has published a summary of the responses it received. The Government is now consulting until 15 October on the draft legislation and will include it within the 2021-22 Finance Bill.
AML-regulated entities with over £10.2m in UK revenue will pay the levy, which will first be collected for the period April 2023-March 2024 by FCA, HMRC and the Gambling Commission. The proposed amounts will vary from £5,000 – £250,000, depending on whether the firm has medium £10.2 – £36M), large (up to £1bn) or very large (over £1bn) revenue for the levy year.