Autumn 2021 Budget: Economic Crime (Anti-Money Laundering) Levy

Provision to establish the Economic Crime (Anti-Money Laundering) Levy is included in the Finance (No.2) Bill 2021-22 – specifically Part 3 of the Bill (Clauses 53-66).

The new levy will first be charged in the financial year running from 1 April 2022 to 31 March 2023 on any medium, large and very large entities regulated for anti-money laundering (AML) purposes at any point during that year. The levy will first be paid by in-scope entities at the end of each financial year, meaning first payments will be due in the financial year 1 April 2023 to 31 March 2024. It is estimated that the levy will impact 4,000 businesses.