UK strengthens approach to AML with new levy  


The UK government is set to implement a levy on regulated firms in order to support the battle against money laundering. 

As a result of the new levy, a government report has outlined it seeks to raise approximately £10.2 million, with plans being introduced on the 4th April. 

Overseeing the regulatory fees will be the Financial Conduct Authority (FCA), the Gambling Commission and HM Revenue and Customs (HMRC) – as UK regulations look to enhance AML safeguards on high risk sectors. 

It comes amidst the Home Secretary Suella Braverman underlining focus on removing dirty money from the UK. 

Key to the plans is enabling the ability of bodies to strip corrupt elites and criminal gangs of assets obtained illegally. 

It follows the increased sanctions as a result of Russia’s invasion of Ukraine, with an increased capacity being utilised to pursue the detection and disruption of money laundering. 

It was also detailed on top of what it described as ‘an unprecedented package of sanctions in response to Russia’s invasion of Ukraine’; now expanding the National Crime Agency’s Combatting Kleptocracy Cell to target more corrupt elites and their enablers, while consolidating the effectiveness of UK sanctions.

Speaking on the plans, Braverman stated: “Economic crime undermines the integrity of our financial system and weakens our national security.

“Through robust legislation and a strengthened law enforcement response, we’ve come a long way in cracking down on dirty money, but this plan helps us go further.

“Backed by our partnership with the private sector, we have the resources and expertise we need to identify criminal networks and confiscate the proceeds of their illicit activities.”