Proposed Financial Crime Levy 'Unjustified,' Law Body Says
Law360, London (July 22, 2020, 4:58 PM BST) -- Government plans to impose a new levy on law firms to help fund the fight against financial crime poses an "unjustified burden," a trade body representing solicitors in England and Wales said Wednesday.
The Law Society said it will "robustly" engage with a HM Treasury consultation that opened on Tuesday on the proposed levy, which the government hopes will generate £100 million ($126 million) a year. The fee imposed on banks, law firms and other businesses such as art dealers will fund Britain's fight against the flow of dirty cash.
"Our sector devotes substantial resources to fighting financial crime," Simon Davis, president of...
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