UK GOVERNMENT NOVEL AML/CFT LEVY RAISES CONCERN AND MAY STRUGGLE TO SECURE INDUSTRY SUPPORT
October 2nd, 2020
THE QUESTION of whether governments should charge AML/CFT levies on designated professions and financial institutions to help fund public agencies fighting dirty and terror money flows is a sensitive topic, given STR designation already imposes operational costs on such businesses. Indeed, they may also have to pay for membership of bodies who assess their AML/CFT performance and of course fund government AML/CFT work through general taxation.
But the UK government seems determined to press ahead with such a plan anyway, announcing in its March (2020) budget ...
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