Prepare for the Economic Crime Levy

The HM Revenue & Customs (HMRC) has published an updated version of its “Policy Paper“ entitled „Get ready for the Economic Crime Levy“ in connection with the assessment and payment of the new economic crime levy. To recall, the levy was introduced via Statutory Instrument SI 2022/269, the „Economic Crime (Anti-Money Laundering) Levy Regulations 2022“ under the Finance Act 2022 and is placed on all anti-money laundering regulated businesses – including banks, building societies, investment firms, and others – to fund the fight against economic crime.
The document provides guidance to firms with respect to a number of relevant questions such as when does the new levy apply, who does it apply to, how shall firms register with their respective supervisory authority, should firms submit their financial reports, and – if so – how shall they do so, and so on.
This latest revised version contains revisions in the section: How to register for the Economic Crime Levy? to clearly state that firms subject to FCA supervision shall NOT register with the HMRC and shall follow the guidance issued by the Authority.