Spotlight on Corruption announces findings from HM Treasury's first Economic Crime Levy report
Spotlight on Corruption has announced the findings from HM Treasury's (HMT)'s first Economic Crime Levy (ECL) analysis. The ECL report details 2023–24 spending, with £42.7m invested in technology including Suspicious Activity Reports (SARs) portals and data systems, £6m towards funding 100 Financial Intelligence Unit staff in the UK, and £12.7m supporting 396 new enforcement positions across UK agencies. While money laundering prosecutions increased 10% in 2023–24 and asset recovery reached £243.3m, this represents just 0.2% of the National Crime Agency's (NCA) estimated £100bn laundered annually through the UK. The report highlights staff retention challenges at the NCA and questions the £20m allocation to Companies House in light of recent fee increases. Spotlight on Corruption recommends creating an Economic Crime Fighting Fund combining ECL funds with enforcement receipts to enhance funding sustainability.