The UK government plans to toughen measures against economic crime and money laundering, including a reform of the Suspicious Activity Reporting regime (SARS).

Barclays, HSBC, Lloyds, Nationwide, RBS and Santander will invest £6.5 million in the new regime in 2019/20, in addition to £3.5 million committed by the Home Office this year.

The Home Office’s Economic Crime Plan brings together government agencies, law enforcement and the private sector in a overhaul designed to tackle ‘dirty money’. It involves improved levels of information sharing, resource pooling and technological innovation as well as a new enfor...