Parliament in Argentina is debating a bill on money laundering which, if passed, would make it compulsory for financial institutions to report any activity involving illegally obtained funds.

The bill would affect banks, lottery companies and property developers.

Those caught dealing in the funds could face penalties of up to ten years in prison.

The Argentine government said it hoped the bill would be an important instrument in the fight against drug trafficking.

Argentina has been increasingly used as a route for cocaine smuggled into Europe.

The United States has called several times for tougherlaws against money laundering