He said he believes those involved in controversial stories about their private lives should have a legal right of reply in the publication making the allegations.
"The only thing I ask for is the right to reply. At the moment the papers can say anything they like about me and are not obligated to print my response," he said.
"They won't tell you in advance because they know what they are publishing is illegal and you'll go to court to stop it. These are the kind of people we are dealing with."
Mosley, the former head of motorsports governing body the FIA and son of fascist politician Oswald Mosley, was one of the high profile speakers at a debate on the Freedom of the Press held at a packed Cambridge University Union last night [Thursday].
In 2008, he won record damages of £60,000 from the News of the World for breach of privacy after the paper accused him of being involved in a Nazi-themed orgy with five prostitutes.
Mosley spoke in support of the motion being debated, that "the British press has too much freedom."
"We must put our trust in the judges, not tabloid editors," he said.
Joining Mosley in support of the motion were top media lawyer Keith Schilling and another QC, James Price.
Schilling called for the press to act "more responsibly" and said: "It is a fantasy to suggest that all these journalists are motivated by the search for truth.
"The press should not just be allowed to serve up people's private lives on a plate," he said.
Speaking out against the motion were investigative reporter and biographer Tom Bower, the Guardian's investigations editor David Leigh, and Alex Thomson from Channel Four news.
Leigh, who spoke at length about the Jonathan Aitken case and the recent Trafigura super-injunction scandal, described the libel law in the UK as an "international laughing stock".
He said: "The law is weighted so heavily against the press that it has become an international laughing stock. Libel tourists flock here from all around the world because they know the odds of winning are stacked in their favour.
"The media often have to back down because of the inordinate cost of defending a libel action."
Bower, who has written highly critical biographies of the likes of Mohamed Al-Fayed and Conrad Black, and successfully fought a libel case launched by newspaper proprietor Richard Desmond, said: "Just as we mustn't try Mr Mosley for what his father did, we must not judge all newspapers by the actions of a few."
"It's already difficult enough to tell the truth, and we don’t need more law to make it even harder," he said.
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