'Global co-operation needed' to beat money laundering

Senior lawyers around the world have urged the adoption of global standards and international co-operation to crack down on money laundering.

A survey of 700 senior lawyers by the International Bar Association (IBA) and LexisNexis Group identified money laundering as the most important area of law for international standardisation.

An IBA report expected in two months is set to identify the wide variety of controls to prevent money laundering.

The report will recommend creating specialised regional bodies to target and close the entry points for illegal money, and improved co-operation between nations on the exchange of information about suspect money and sources.

Monty Raphael, a partner at City firm Peters & Peters and chairman of the IBA's anti-corruption working group, said: 'The lack of common standards causes real difficulties in performing due diligence on international deals.'