EMA letter to HMT re Economic Crime Levy

The EMA responded to HM Treasury draft legislation on Economic Crime (Anti-Money Laundering) Levy.

The EMA strongly urge HMT to review the revenue-based model for the levy again, as – according to the definitions of turnover and revenue in the draft legislation – it will have a hugely disproportionate impact on startups in the Fintech and PSP sector, as well as firms that are growing but remain loss-making. This impact is not necessarily reflective of the AML/TF risk posed by these firms either.

View the full letter here