Economic crime levy: funding new government action to tackle money laundering, ICAEW REP 92/20, 13th October 2020

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In Folder: ICAEW Representations, 2020

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Economic crime levy: funding new government action to tackle money laundering, ICAEW REP 92/20, 13th October 2020

ICAEW consultation response to HM Treasury on the proposed economic crime levy to fund new government action against money laundering. It addresses levy principles and scope; funding priorities including resourcing UKFIU and NECC and concerns about using the levy to fund Companies House reforms; annual reporting and earlier review after three years; levy calculation based on UK revenue, treatment of small business thresholds and flat fees, and proposals to avoid cliff-edges via fixed amounts plus variable rates; views on risk metrics and use of SARs; entity versus group-level liability; collection models favouring a single agency; supervisors roles, invoicing and payment timelines; and positions on funding for fraud, advocating general taxation rather than sector levies. (AI generated description)

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description: ICAEW consultation response to HM Treasury on the proposed economic crime levy to fund new government action against money laundering. It addresses levy principles and scope; funding priorities including resourcing UKFIU and NECC and concerns about using the levy to fund Companies House reforms; annual reporting and earlier review after three years; levy calculation based on UK revenue, treatment of small business thresholds and flat fees, and proposals to avoid cliff-edges via fixed amounts plus variable rates; views on risk metrics and use of SARs; entity versus group-level liability; collection models favouring a single agency; supervisors roles, invoicing and payment timelines; and positions on funding for fraud, advocating general taxation rather than sector levies. (AI generated description)

title: Economic crime levy: funding new government action to tackle money laundering, ICAEW REP 92/20, 13th October 2020

creator: ICAEW

subject: Law

subject: Money laundering

subject: Corporate crime

subject: Crime and misconduct

subject: Public sector finance

subject: Government and public sector finance

subject: Fraud

subject: Terrorism

subject: Client management

subject: Practice management