On 1 March 2022, the Finance Act 2022 was published on the legislation.gov.uk website.
Part 3 of this Act provides for a new tax called the economic crime (anti-money laundering) levy and establishes that the Commissioners for Her Majesty’s Revenue and Customs, the FCA and the Gambling Commission to be responsible for the collection and management of this tax.
The levy was announced at Budget 2020. The levy will apply to the anti-money laundering (AML) regulated sector, with persons paying the levy as a fixed fee based on the ‘size’ band they belong to, determined by their UK revenue. The levy is intended to raise approximately £100 million per annum from the AML regulated sector to help fund AML reforms and deliver reforms in the Economic Crime Plan.