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A Finextra member
A Finextra member 31 August, 2008, 23:16Be the first to give this comment the thumbs up 0 likes

Bankers may feel some frustration at the ineffectiveness of of the attempt to use financial controls to defeat terrorists, with the costs appearing to  outweigh the benefits. Probably a pointless exercise in the case of terrorism and just further fodder for conspiracy theorists.

If the terrorists have a steady supply of cash (and they do) they probably don't care that it costs them a hefty percentage to turn the cash into valuables, transport them to where they want the funds and exchange them back for cash. Isn't that what they're doing with drugs for instance? I'm sure it's occurred to them that a single piece of jewelery could finance quite an operation. Anecdotal evidence suggests that at least some jewelery stores are happy to take a suitcase of cash to make a large sale and no doubt their are other businesses who will do similar.

It's not really a solution and it's clear we require more innovative thinking to make the world a safer place.

The question is do we try and create the absolute 'big brother' and would 'he' really protect us anyway. Georgians might point out that a big brother isn't always looking out for you.