In this regard, one of the primary methods the AIG uses to promote cross-border co-operation is to encourage home supervisors of the 50 or 60 largest internationally active banks in Basel Committee member countries to engage in practical outreach to host supervisors and the bank to open clear lines of communication and co-operation. While these outreach efforts were initially considered to be “case studies”, they have since evolved into actual implementation planning. Since one of the most important aspects of this planning is the bank’s own Basel II implementation rollout plan, it is important that internationally active banks not only have such a plan in place, but also that this plan should be communicated within the bank, especially to subsidiaries that are significant in the context of the overall bank or of a particular market. This cross-border work has accelerated over the past year, but the Committee recognises that more must be done in order to foster greater consistency. We will continue to work with groups like the IIB to identify high-priority implementation issues for the industry, and we will also continue to encourage home and host country supervisors to develop detailed, practical implementation plans that are tailored to each bank’s unique circumstances. 2/3  Outreach to non-G10 The third area of implementation that I would like to address is outreach to supervisors outside Basel Committee member countries, especially since the IIB has actively encouraged the Committee to promote consistent standards for cross-border implementation.
Without finance, terrorism cannot progress. So, steps taken by countries to ensure that the funding lines to terrorism and money laundering are cut off, that terror financing transactions are interrupted or stopped, and that there is worldwide co-operation to track down persons who are suspected of being involved in terror financing in whatever way, is of vital importance. Just take a small example. If at the end of the month, you do not receive your salary, you will find it difficult to comfortably progress with your next month’s activities. In the same way, if we can stop the funds going to terrorist activities, that will put a dampener on their activities. It is very simple to understand. Therefore, not only should we deal with terrorists on a military basis, but we should disrupt their progress by cutting off and interrupting their funding lines. By doing so, we complicate their agenda. In order to do so, and to continue to do so, we have to equip ourselves. The judiciary, the law enforcement agencies, the regulators, the media, the bankers, the prosecutors, all of these groups, have to equip themselves with whatever it takes, to meet with this challenge. We have to learn from each other. We have already learnt many lessons during our own activities in this field. But, it is important that we share such knowledge and experience with others as well.