In a joint statement, the societies said they would ensure the levy ‘is used only to fund initiatives aimed at tackling money laundering’ and ‘does not increase dramatically in future years’.
They said the levy was ‘effectively an additional tax on the regulated sector’ and was ‘not based on the concept of “polluter pays”’.
Both bodies have opposed the levy, announced in last year’s Budget, and due to be included in the 2021-22 Finance Bill―anti-money laundering regulated entities will first be charged during the 2022-2023 tax year.
The government closed its consultation on the Economic Crime (Anti-Money Laundering) Levy draft legislation this month. The levy, intended to raise £100m towards reforms in the 2019 economic crime plan, will be charged on a fixed fee system and calculated according to UK revenue. Small entities, with revenue below £10.2m, will be exempt.
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