If we do so, perhaps others too, could replicate some of those efforts which  BIS Review 133/2008  1  have been proved to be successful. Hence, there is an urgent need for us to create the awareness. We also have to enact the necessary laws. Sri Lanka has already passed the necessary laws for this purpose: so have many other countries. That is very important. Because, without the legal framework and the legal backing, our efforts will not succeed. Then, we have to build our own capacities. We have to have people who are trained and competent to deal with these challenges. Because, unless you have the competence, and the ability to recognize certain disguised transactions, the ability to see through the clever facades, and the ability to anticipate the next move of the terror financiers or money launderers, we would not be able to progress. Therefore, we have to diligently follow rules and detection principles. That is why this kind of conference is very important. My dear friends, we have to realize that money launderers and terrorist financiers are also smart. Your Lordship, they may also be having conferences of this nature, in their own way, to see how best they can be a step ahead of all of us, to ensure that they will be able to perform their own dastardly deeds more successfully. They will take advantage of calamities. On many occasions we have seen how that has worked. Earthquakes, droughts, civil strife, tsunamis, etc.
can be useful breeding grounds for this kind of illegal financing efforts. These terror financiers make use of unsuspecting bankers as their partners. Although sometimes, certain bankers can be knowingly involved, on many occasions, they may even be unknowingly involved. Sometimes these money launderers and terrorists use informal systems. They by-pass the formal systems and have other parallel systems. I am sure that, in your deliberations you would be discussing these matters and considering as to how these can be addressed. If there is a parallel system, which is operating side by side with the formal system, they can make use of such systems to do what they want. They also disguise transactions. Certain transactions which are actually for laundering money or which are financing terrorism would not be obvious, as they may be cleverly concealed. The transactions will be packaged in such a way that unless you have a vigilant or trained eye, you would not be able to spot it. Very often, the illegal financiers will also pretend to be very respectable people in society, and indeed, may even be considered so by the world at large. They may come in the guise of social workers, philanthropists, community workers, aid workers, NGOs, etc. Therefore, we have to be alert. We have to be a few steps ahead. We have to have bankers, media, regulators, prosecutors and a judiciary who will keep abreast of the methods and the ruses that could be adopted by these unscrupulous people. We must also have regular updates.