The UK plans to levy on banks to prevent money laundering

According to Reuters, Britain plans to announce a new levy on banks and other financial institutions to generate 100 million pounds for the prevention of money laundering.

UK plans levy on banks and others to help tackle money laundering https://t.co/UgPIgFJnOd pic.twitter.com/u9eqRDGqQf

— Reuters (@Reuters) March 8, 2020

Corrupt foreign money has been laundered to London multiple times from Russia, Nigeria, Pakistan, former Soviet states and Asia. It is estimated by the police that around 100 billion pounds of laundered money is moved through or into Britain every year.

Rishi Sunak, the Finance Minister, plans to reveal an Economic Crime Levy to generate money for a new law enforcement technology and to hire more investigators.

The levy is likely to be implemented in 2022/23 and the Treasury will consult in the Spring about the firms that will be asked to contribute. According to Sunak, Criminals will have no place to hide their illegal earnings in the future. He stated, “We’re going to put more financial investigators and better technology on the frontline to fight against money laundering.”

Last year, an Economic Crime Plan was introduced by the government and business leaders to tackle illegitimate money with more cash for police to handle scammers and money launderers and a more useful exchange of information.