Governments risk losing the battle against financial crime because of excessive secrecy and lack of co-operation according to a report in the Financial Times.
Speaking at an international conference US deputy secretary of state Jonathan Winer said governments and law enforcement agencies were failing in their fight against economic crime and money laundering because of poor co-operation and secrecy between jurisdictions.
Winer says the cause of the problem is 'disappearing electronic money' which the authorities are unable to trace.
He says criminals use these deficiencies to successfully launder money between countries.
He has called for tighter control saying: "There needs to be clear guidelines which distinguish between the zealous representation of a client and facilitation of criminal activity."