LNB News 09/05/2025
Document Information
Issue Date: 09 May 2025
Published Date: 09 May 2025
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
HM Treasury has published its first Economic Crime Levy report for 2023-24 detailing the collection and spend for the financial year 2023/24. Enacted under the Finance Act 2022 and administered by HMRC, the Financial Conduct Authority (FCA), and the Gambling Commission, the levy is paid by entities subject to the Money Laundering Regulations 2017 to help fund on-going initiatives to tackle money laundering. When introduced, the levy was intended to raise £100m per year. Following lower-than-expected receipts and changes to levy rates at Spring Budget 2024, it is now expected to raise around £115m per year from April 2024 onwards. This first report provides a breakdown of how the levy was collected and spent in the financial year 2023-24 (allocated across six key deliverables that include investment in technology, hiring financial crime investigators, and funding specialist intelligence teams). Subsequent reports will be published on an annual basis to provide detail on the levy’s operation...
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