Major UK-based banks have agreed to collaborate with the government on a plan to tackle money laundering and fraud.

The new Economic Crime Plan, which also includes law enforcement agencies and businesses, seeks to bolster co-operation among the stakeholders to ‘better tackle the scourge of dirty money in the UK’.

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The plan sets out an outline to improve information sharing, resource pooling and support technological innovation to reduce economic crimes.

It includes revising the Suspicious Activity Reporting regime, a move supported by Barclays, HSBC UK, Lloyds Banking Group, Nationwide, RBS and Santander UK.

The banks will make a combined investment of £6.5m in 2019/20. This will be in addition to the £3.5m already committed by the Home Office.

Additionally, it aims to support the development of the National Economic Crime Centre and help the National Crime Agency to leverage data in identifying fraudsters.

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The plan also includes establishing a new cryptoassets regime with the Financial Conduct Authority to deter illegal usage.

The stakeholders also agreed to support innovation and encourage usage of new technologies to tackle economic crimes.

The Chancellor of the Exchequer, Philip Hammond said: “The UK has one of the toughest systems for combatting money laundering, but too many people are still falling victim to fraud.

“This crime fuels everything from drug dealing to modern slavery, fundamentally undermining people’s faith in our financial system and impacting economic growth.

“By bringing together leaders from across government, law enforcement and business, we can better tackle the scourge of dirty money, and ensure the UK continues to be one of the safest places in the world to invest and do business.”