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Banks 'need help' in money laundering fight

Banks want more support from government and the private sector to help them tackle the growing problem of money laundering, an anti-fraud expert has said.Karen Briggs, global head of anti-money laundering at KPMG, made her comments after research from the accountancy firm revealed that bank spending on investigating money laundering had risen by almost 60 per cent in the past three years.She said there had been "significant progress" in the struggle against money laundering, with investment in staff training and transaction-monitoring systems both improving.With banks now doing much more to investigate money laundering, Ms Briggs said it was up to governments around the world to come up with a more effective system for tackling the problem."What the banks would like to see is that there is clearer legislation and more guidance, more feedback from governments, and also more support of a risk-based approach so they can focus their resources on the higher-risk areas," she explained."You have to go through a systematic process. There also needs to be more feedback and more joining up with the public and private sector."

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