UK: ECONOMIC CRIME (MONEY LAUNDERING) LEVY

On 27 October, HMRC published a Policy Paper explaining how the Levy will work.  It will be imposed on entities that are regulated for AML purposes, and will first be charged on entities that are regulated during the financial year from 1 April 2022 to 31 March 2023, with the amount payable will be determined by reference to their size based on their UK revenue.  The Finance Bill 2021-2022 will establish the Economic Crime (Anti-Money Laundering) Levy in legislation, and will include proposed revisions to the original planned structure. For example, relevant entities with less than £10.2 million UK revenue will be exempt. Non-UK entities will be liable on the basis that its revenue is so much of the entity’s revenue as, on a just and reasonable apportionment, is attributable to activities of any permanent establishment of the entity in the UK.

https://www.gov.uk/government/publications/economic-crime-anti-money-laundering-levy/economic-crime-anti-money-laundering-levy

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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