Money laundering needs effective combating - CJ

Hiran H.Senewiratne

All stakeholders should find preventive measures to end root causes of money laundering and terrorist financing, Chief Justice Sarath N. Silva said.

“Today the standard of living has grown and the quality of life has improved in economic terms in the world. Therefore, it is the need of the hour to take preventive measures to combat money laundering and terrorist financing,” he Chief Justice said.

Making the keynote address at the Asia/Pacific Group on Money Laundering (APG) annual Typologies Workshop he said with the globalisation the greed of most of the multinational has exceeded beyond boundaries.

“Our mission is to take preventive measures against money laundering and terrorist financing, which are the upshots of globalisation, since, we don’t have a proper adjudicating process,” Justice Silva said.

Under globalisation, multilateral and transactional capabilities to manufacture common goods are enormous and those companies have huge economies which are bigger than the GDP of certain developing countries in the world,” he said.

“As regulators we have to be mindful of all these dimensions to cope with terrorist financing and money laundering in national to regional level and law enforcement authorities should be aware of the new development and technology, he said. Attorney- General Priyasath Dep said persons who are involved in money laundering activities adopt sophisticated methods using modern technology.

“Therefore, law enforcement authorities must use modern technology and Information Communication Technology (ICT) to have effective investigative and prosecution methods,” he said.