At Budget 2020 the government announced its intention to introduce an economic crime levy. On 20 July 2020, HM Treasury issued a consultation inviting views on the design principles of the levy, and how the levy could operate in practice, to ensure that it is proportionate and effective.
The consultation seeks views on what the levy will pay for, how it should be calculated and distributed across the anti-money laundering (AML) regulated sector, and how the levy should be collected. The consultation also includes a call for evidence on current levels of private sector investment on counter fraud measures, as well as gauging private sector views on contributions towards funding the fraud response.
The deadline for comments on the consultation is 13 October 2020.