The cost of reform

Jane Mellor sets out the CIOT and ATT’s responses to Treasury plans for an Economic Crime levy

Even before the revelations of the recent Financial Crimes Enforcement Network (FinCEN) leaks, the UK government had plans in place to press ahead with additional reforms to tackle the threat from economic crime. Economic crime includes money laundering, fraud, bribery and corruption, and terrorist financing. It is impossible to say accurately the scale of all these crimes, although the National Crime Agency estimates that the scale of money laundering alone impacting the UK annually is in the hundreds of billions of pounds.