UK government introduces £100m levy on companies to combat money laundering

From: RegTech Analyst

Chancellor of the Exchequer Rishi Sunak has confirmed plans to introduce a £100m levy on companies to fight money laundering.

He made the announcement during the spring budget this week. The charges will be paid by businesses subject to UK money laundering laws such as solicitors, banks, accountants and estate agents.

The money will then be used to arm law enforcement agencies with new technology and to hire more financial investigators.

This will, in turn, help enact measures unveiled by the National Crime Agency in July 2019. The NCA has stated that money laundering costs the UK economy £100bn per year.

Anti-money laundering campaigners welcomed the move, the Financial Times reported.

The budget also introduced measures to help the UK FinTech and InsurTech industries grow.

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