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Budget 2021: What the economic crime levy means for financial services and how it will work

Levy will hit a range of businesses including banks, auditors, credit firms, cryptocurrency exchanges and property firms

Rishi Sunak departs from number 11 Downing Street
Rishi Sunak departs from number 11 Downing Street Photo: Getty Images

The UK government is pushing ahead with a levy designed to tackle the £37bn annual cost of economic crime, much of which stems from money laundering.

This includes a range of illegal activities within the financial sector such as fraud, money laundering, bribery and corruption.

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Bank of New York Mellon Approached Northern Trust to Discuss Potential MergerExternal link

Bank of New York Mellon Approached Northern Trust to Discuss Potential Merger