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Proceeds of Crime Act 2002

Volume 457: debated on Thursday 8 March 2007

To ask the Secretary of State for the Home Department what estimate he has made of the (a) one-off and (b) recurring cost of implementing the Proceeds of Crime Act 2002 to (i) businesses and (ii) the regulators. (125602)

According to work completed by PricewaterhouseCoopers last year as part of the Home Office Simplification Plan, which was published on 11 December 2006, the estimated administrative burden on business of the Proceeds of Crime Act 2002 was £1.44 million. This excludes policy costs (i.e. those costs which arise as a direct result of the policy, for example updating an IT system) and also those costs a business would choose to incur anyway (e.g. maintaining records for their own business purposes). No estimate has been made of any additional costs to the Financial Services Authority, which is the main regulatory body affected.