The UK Government’s overhaul of economic crime rules is too limited and requires more investment, solicitors have warned. According to a Law Gazette report, the Economic Crime Plan for 2019-2022 sets aside £48m to tackle the likes of fraud, money laundering, and financial terrorism. The money will go to the National Crime Agency (NCA) in order to ‘uplift investigative capability and improve capability at a local and regional level to tackle fraud’. It will also go towards the development of the National Economic Crime Centre, which will be ‘the national authority for the UK’s operational response to economic crime,’ the report claims. The plan, which was published this week, commits to reforming the suspicious activity reporting (SAR) regime, to scrutinising ‘cryptoassets’ and to building a flagship economic crime court in London, among other things. Banks have also agreed to pay £6.5m over the next year to improve the SAR regime. A lawyer from London firm Kingsley Napley, Alun Milford, said: ‘Many of the individual proposals contained within the plan are sensible. The problem is one of funding their implementation, and the plan offers nothing in this regard. Without effective funding of law enforcement the plan simply cannot be implemented effectively.’ He added that the plan was silent on corporate liability and the delays that beset economic crime court cases.