The task force set up by the British Venture Capital Association (BVCA) last month has compiled a set of fundraising guidelines to combat money laundering via private equity funds, in the light of wider implications of the September 11 terrorist attacks on the US.

The guidelines recommend firms to review reporting and recording procedures to ensure they are adequate, to be aware of and resolve internal conflicts of interests that may arise, and to report any suspicions they may have about transactions, co-investees, other BVCA members, or the source of an investor's wealth. The task force also recommended that the BVCA provide training on money laundering avoidance.