The need to kill terrorism throughout
the world is essential but to kill trade and commerce and the growing
international financial system in the garb of preventing money laundering and combating
financing of terrorism is neither desirable nor advisable. Many countries
including the poor have become members of Financial Action Task Force and have
been putting the best of efforts to comply with its guidelines to contain source
of finance to terrorism and improve their economic relations internationally is
a fact. The concept of know your Customers adopted by banks has been affecting
their business prospects and making financial inclusion particularly banking
inclusion is becoming a distant dream in India at least. The globalisation of
economies has been a reality for the past few years and this cannot be and
should not be shot down by too much of regulation in international movement of
funds. The approach to contain financing terrorism presently in vogue needs a
review and there should be alternatives to prevent terrorism perhaps with more
of administrative mechanism, political weapons, improved statesmanship and
diplomacy. Terrorism should vanish and international trade and Commerce should
grow under a very sound financial system for a better living.
Dr.T.V.Gopalakrishnan
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