Source · Select Committees · Treasury Committee
Recommendation 6
6
Acknowledged
Paragraph: 47
Spending on economic crime needs to be sufficient to meet the challenge.
Conclusion
Spending on economic crime needs to be sufficient to meet the challenge. The Economic Crime Levy is intended to bring in a useful amount of additional funding to support the fight against economic crime. We welcome the design of the Levy, as it is simple and excludes the vast majority of regulated businesses. However, spending on anti-money laundering should match the need and should not be limited by the yield of the Levy alone.
Government response summary AI-generated
The government recognizes the need for increased spending to tackle economic crime, highlighting the Economic Crime Levy, funding announced at last year's Spending Review, reforms set out in the Economic Crime Plan, Companies House reform, and support for the FATF.
Paragraph Reference:
47
Government Response
The government responded to this report on 28 April 2022. No passage in that response could be matched to this conclusion. Read the response document ↗