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Economic Crime Levy

Treasury written question – answered at on 23 May 2024.

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Photo of Margaret Hodge Margaret Hodge Labour, Barking

To ask the Chancellor of the exchequer, how much has been raised through the Economic Crime (Anti-Money Laundering) Levy since its implementation; and what estimate his Department made of the amount that would be raised prior to its implementation.

Photo of Bim Afolami Bim Afolami The Economic Secretary to the Treasury

The Economic Crime Levy raised £92 million in its first year of collection (2022/23). As the Levy is collected a year in arrears, the total Levy revenue for financial year 2023/24 has not yet been confirmed.

Prior to the Levy’s implementation, the Office for Budgetary Responsibility (OBR) forecast that the Levy would raise £100m/year. This can be found on the OBR’s website under ‘supplementary fiscal tables: receipts and other’ - https://obr.uk/efo/economic-and-fiscal-outlook-march-2022/.

At Spring Budget 2024, the Chancellor increased the Levy fee for firms with revenue greater than £1 billion, to ensure we can continue to sustainably fund the government’s commitments to tackle economic crime.

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