Question to the HM Treasury:

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.

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.