The Law Society comment: Economic crime levy consultation

In March, the government’s 2020 Budget included an announcement to introduce an economic crime levy, and now a newly-launched consultation seeks views on what the levy will pay for, how the levy should be collected and how it should be calculated and distributed across the anti-money laundering (AML) regulated sector.

Simon Davis, president of the Law Society said:

“Solicitors play an important role in the battle against money laundering and the Law Society – as the named supervisory body – shares the government’s objectives in having a robust regime in place.

“Our sector devotes substantial resources to fighting financial crime. We have strong concerns that a further unjustified burden will fall on a sector already under strain.

“We will be robustly engaging in the consultation process to ensure the profession’s views are well represented.”

Kindly shared by The Law Society

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