FIFA president Gianni Infantino said the creation of a centralised clearing house will bring "transparency and accountability" as the sport's governing body looks to crack down on the multi-billion dollar global transfer market.

Infantino, speaking after Saturday's FIFA Council meeting in Auckland, said the new Paris-based entity would focus on ensuring smaller clubs receive compensation owed for developing players before tackling the broader market.

"This will change the lives of these small clubs because it's big, big money and it's due and we're very proud to do this," said Infantino.

"This will bring finally some transparency and accountability in the whole transfer market."

Infantino said only $60 million to $70 million of the estimated $400 million owed to clubs who have developed players for the professional game reaches the relevant parties.

The creation of the clearing house is the latest step in FIFA's effort to reform the way transfers are conducted and ensure money is not redirected outside the sport.

"Whenever you deal with transfers of players, whenever some police authorities go and dig into transfers they find some strange payments to some strange places linked and connected with transfers," said Infantino.

"Well, this is not going to happen any more as far as training compensation is concerned but also, as a next step, as far as all transfer payments are concerned.

"Payments to the agents and payments from one club to another club, all this will be processed through this FIFA clearing house.

"Payments to strange places will not be allowed any more. Payments to strange bank accounts, strange countries will not be tolerated any more."

Infantino said the global transfer market is worth between $6 billion and $7 billion annually and projected the value would increase to about $10 billion, with money circulating "a bit like in the Wild West".

"We want to control that," he said. "To clean that and make sure the money goes where it's has to go with clear rules and the FIFA clearing house ... will guarantee this is going to happen."

(Reporting by Michael Church in Hong Kong, Editing by Robert Birsel)