Terrorists launder £600bn through markets
More than $1 trillion (£600bn) in terrorism and drug money is laundered through the world's financial markets every year, according to the US federal spending watchdog.
The General Accounting Office said infighting and poor coordination among US federal agencies undermined attempts to stop money laundering.
Since 11 September, the US financial services industry has increasing investments in anti-money laundering technologies, while the government has stepped up its efforts to cut the flow of terror financing, but to little effect.
In the UK, the Proceeds of Crime Act, due to become law this year will force accountants and other professionals working in financial services to report any suspicious activities, or risk the threat of jail or heavy fines.