LONDON—The United Kingdom is introducing an “economic crime levy” (ECL) to fund its efforts in the fight against financial crime and boost anti-money laundering (AML) activities.
Brokers of contracts for difference (CFDs), including foreign exchange (FX), as well as cryptocurrency exchanges and digital asset wallet providers, are among the list of companies that will be required to pay the levy, Finance Magnates reported.
The funds will be collected by the Financial Conduct Authority (FCA ), HM Revenue and Customs (HMRC), the Gambling Commission and directly by the government, depending on the regulated business type and industry in which it operates. In general, the economic crime levy has been imposed on all U.K.-licensed businesses that are subject to the Anti-Money Laundering (AML) Act, Finance Magnates reported.
Levy Launches in July
Starting from July 2023, affected firms that were regulated under the money laundering regulations from April 6, 2022, to April 5, 2023, will notice the new levy on their invoices. This levy will be calculated based on a firm's U.K. revenue and must be paid annually, Finance Magnates explained.
The entities required to pay ECL include credit companies, finance companies, auditors, tax advisers, independent legal advisers, trusts, lettings and estate agents, casinos, auction platforms and cryptocurrency service providers.
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