The economic crime levy: what’s proposed?

What brought about the economic crime levy?

In December 2018 the Financial Action Task Force the international body that sets global standards on combating money laundering and terrorist financing published its evaluation report on the UK’s anti-money laundering (AML) and counter-terrorism financing (CTF) measures. The evaluation concluded that the UK has a well-developed and robust AML/CTF regime that provides the authorities with powerful prosecution tools; however it said that in order for those tools to be used more effectively increases were needed in both the human and information technology resources of the UK’s Financial Intelligence Unit (FIU). Hiring more financial investigators has therefore been identified as a priority and the government’s economic crime plan for 2019 to 2022 acknowledged the need for a long-term and sustainable resourcing model...