Manila: "The recent wave of corporate scandals in the United States shows that the shortcomings uncovered by the Asian financial crisis of 1997 are also present in developed countries," the International Monetary Fund's (IMF) chief spokesman said on July 12.

"What is a shock to many people, there is certainly an irony in this, is that the United States, which we presumed to be the cleanest system, is having this problem," IMF external relations director Thomas Dawson told reporters.

Dawson said the advice that the IMF provides to its lending countries in the wake of the 1997 Asian financial crisis, is "exactly the same sort of advice we would give the United States, it is in terms of following good standards and enforcing them".

He was referring to the spate of accounting scandals involving major corporations in the United States including energy giant Enron and major telecom player WorldCom.

Dawson said one advantage that America has over many developing countries is that "the US legal system is a tough legal system and it is fair that we should expect that people (involved in the scandals) will be going to jail".

He said this was part of the advice the fund gave to developed countries, "The need to have strong legal systems so the consequences of actions can be predicted."

"A lack of good compliance to accounting standards," was at the root of many of these problems, Dawson said, adding that all members of the IMF, both rich and poor, should work towards having "transparent, understandable accounting systems".