Law360, London (October 14, 2020, 1:51 PM BST) — The government’s plans for a financial crime levy on law firms and other regulated businesses is “a special tax on the legal profession” that could make companies less willing to invest in Britain, an industry body warned on Wednesday.
The Law Society, the professional body that represents more than 140,000 practicing solicitors in England and Wales, said the industry already devotes significant resources as it complies with its obligations to counter money laundering and financial crime.
Simon Davis, the society’s departing president, said that pushing up the cost of doing business would hit the competitiveness of the legal sector in the international market…
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