UK Plans Economic Crime Levy To Fight Money Laundering

Law360, London (March 11, 2020, 4:32 PM GMT) -- Britain’s finance minister unveiled plans Wednesday to generate more cash to fight financial crime by imposing a new levy on banks, law firms and other businesses that must comply with anti-money laundering regulations.

Chancellor of the Exchequer Rishi Sunak said the levy will “fund new government action to tackle money laundering” in a budget statement published Wednesday.

The Treasury said it will consult with the industry in the spring to determine which firms will be asked to contribute and that a new levy will likely be introduced in the 2022 fiscal year. The tax is in addition to ongoing public sector...

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