LONDON: Britain is expected to announce this week a new levy on banks and other firms regulated for anti-money laundering to raise up to 100 million pounds [ $130 million ] to tackle dirty money, the government said the other day.

London has long attracted corrupt foreign money, especially from Russia, Nigeria, Pakistan, former Soviet states and Asia, and police estimate that around 100 billion pounds of dirty money is moved through or into Britain each year.

In his first budget on Wednesday, finance minister Rishi Sunak is expected to unveil plans for an  Economic Crime Levy to generate cash for new technology for law enforcement to and to hire more financial investigators.

The levy is likely to come into force in 2022/23 and the Treasury will consult in the spring about which firms will be asked to contribute.

''Criminals will have no place left where to hide their illicit earnings,'' Sunak said in a statement. ''We're going to put more financial investigators and better technology on the frontline to fight against money laundering.''

Last year the government and business leaders agreed on Economic Crime Plan to try to better tackle dirty money. [Reuters]


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