London's reputation as a global financial centre has been tarnished yet again.

This time another British bank Standard Chartered, stands accused of irregularities.

New York's top financial regulator claims the bank carried out $240 billion dollars of illegal transactions with Iran over the past decade. The bank refutes the claim.

This latest case follows on the heels of other scandals in the City of London.

Moves are underway to tighten international banking regulation. So where does the problem lie?

Zeinab Badawi talks to Mark Carney, who is in charge of steering these new rules as Chairman of the Financial Stability Board for the G20 Leading economies.

He's also Governor of Canada's Central Bank.

(Image: Bank of Canada Governor Mark Carney. Credit: REUTERS/Chris Wattie)