Using this simple, natural cream, nightly, can lead to softer, smoother, and more radiant skin.

You will need rose petals (you do have rose plants in your garden, right?), water, aloe vera gel, almond oil, rose water and glycerin.

Take a handful of fresh rose petals and add them to a pot with some water. Boil the mixture for 10 minutes, allowing the nutrients and fragrance of the petals to infuse into the water. After boiling, strain the rose petal water into a clean bowl, or container, to separate the petals from the liquid.

To the strained rose petal water, add 01-02 teaspoons of aloe vera gel, 01-02 teaspoons of almond oil, and 01 teaspoon of glycerin.

Mix well until you have a smooth, consistent mixture.

Add a few drops of rose water to enhance the fragrance and benefits.

Cleanse your face thoroughly to remove any dirt and makeup and then gently massage the prepared mixture onto your face and neck, using circular motions.

Focus on areas that tend to get dry or show signs of ageing, such as around the eyes or mouth.

Massage for about 02 minutes to allow your skin to absorb the nutrients.

Leave it on overnight and wash it off with lukewarm water the next morning.

Benefits:

Hydrates and Moisturizes:

The aloe vera gel and glycerin are excellent for moisturizing the skin, keeping it soft and hydrated overnight.

Promotes Healthy Skin:

Rose petals have anti-inflammatory properties that help soothe and calm the skin, reducing redness and irritation.

Improves Skin Tone:

Almond oil helps brighten the complexion and adds a natural glow, while rose water refreshes the skin.

Nourishes and Rejuvenates:

The combination of aloe vera and almond oil nourishes the skin deeply, helping to restore and maintain a youthful appearance.

Anti-ageing: Rose petals and almond oil have antioxidants that fight free radicals, which can help reduce the appearance of fine lines and wrinkles over time.

Combating money laundering:

Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe has said combating money laundering and countering financing of terrorism will help improve the credibility of the financial system, increase FDIs, enhance access to international financial markets, promote good governance practices and strengthen national security. Accordingly, a Financial Intelligence Unit has been given the opportunity to conduct further investigations into suspected transactions and activities related to money laundering and financing of terrorism.

Money Laundering: A Global Menace

Money laundering is a pervasive global issue that threatens financial systems and undermines the integrity of economies. It involves disguising the origins of illicitly obtained funds to make them appear legitimate. Criminal networks, terrorist organizations, and corrupt officials frequently employ this technique, exploiting weaknesses in financial regulations and enforcement mechanisms. Today we examine the concept of money laundering, its mechanisms, and its impact, supported by notorious examples worldwide, highlighting the need for robust anti-money laundering (AML) frameworks.

Definition and Mechanisms

The Financial Action Task Force (FATF) defines money laundering as the process of concealing the illicit origins of funds through a series of transactions designed to obscure the money’s true source. The process typically involves three stages: placement, layering, and integration. Placement introduces illicit money into the financial system, often through cash-intensive businesses or smuggling. Layering involves complex transactions to obscure the trail, such as transferring funds through offshore accounts or shell companies. Finally, integration reintroduces the laundered funds into the legitimate economy as clean money.

The main methods of money laundering include:

Layering: This involves complex financial transactions designed to obscure the origin of the illicit funds. Layering can involve transferring money through various accounts, converting it into different currencies, or using shell companies. The goal is to make tracing the money difficult.

Placement: This is the initial stage where the illegal funds are introduced into the financial system. It often involves depositing large amounts of cash into banks, purchasing assets such as real estate, or using the funds for gambling or investments in legitimate businesses.

Integration: In this stage, the illicit money is integrated into the economy in a way that makes it appear legitimate. This could involve purchasing high-value goods, transferring money across borders, or setting up fake businesses to funnel money in and out.

Smurfing:This involves breaking up large amounts of illegal money into smaller, less suspicious amounts and depositing them in different accounts or financial institutions to avoid detection by regulators or authorities.

Use of Shell Companies:

Criminals create fake companies (shell companies) that don’t engage in any real business. These companies are used to hide the ownership of illegal funds, often moving them through multiple jurisdictions.

Trade-Based Money Laundering:

Criminals manipulate trade transactions, such as over- or under-invoicing, to disguise the movement of money. They may falsely report the value or quantity of goods to justify payments or receive excessive payments from foreign entities.

Cryptocurrency Laundering:

With the rise of digital currencies, criminals use cryptocurrencies to facilitate money laundering, often through exchanges or by using privacy-focused coins to obscure the transaction trail.

Real Estate Laundering:

Criminals buy high-value real estate and then sell it, using the profits to launder the illegal funds. This may involve inflating property values or flipping properties for a higher price.

Casino Laundering:

Money launderers may use casinos to launder funds. They could gamble with illicit funds and then cash out with a “clean” check or claim winnings, making the money appear legitimate.

Terrorist Financing:

Though not exactly money laundering, terrorists sometimes use similar methods to move money around, often utilizing donations, front organizations, or international financial networks.

Preventing money laundering involves stringent regulatory controls, such as Know Your Customer (KYC) procedures, anti-money laundering (AML) checks, and monitoring for suspicious transactions.

Notorious Examples of Money Laundering

The Bank of Credit and Commerce International (BCCI) Scandal

The BCCI scandal of the 1980s and early 1990s remains one of the most infamous cases of global money laundering. BCCI was accused of laundering billions of dollars for drug cartels, terrorists, and corrupt officials across multiple countries. The Colombo branch of BCCI was acquired by Seylan Bank and restructured it with the help of the CBSL.

Danske Bank Case

Danske Bank, Denmark’s largest financial institution, became embroiled in a money laundering scandal in 2018. Investigations revealed that its Estonian branch had facilitated the laundering of approximately €200 billion, involving funds from Russia and other former Soviet states.

Panama Papers

The Panama Papers leak in 2016 exposed how Mossack Fonseca, a Panamanian law firm, helped individuals and entities worldwide evade taxes and launder money through offshore shell companies. Notable figures implicated included politicians, celebrities, and business magnates.

The MDB Scandal

Malaysia Development Berhad (MDB) fund was established to promote economic development. However, investigations revealed that billions of dollars were misappropriated and laundered through luxury purchases, real estate investments, and shell companies. High-profile individuals, including Malaysian officials and international bankers, were implicated.

The HSBC Case

HSBC, one of the world’s largest banks, faced allegations in 2012 for facilitating money laundering by drug cartels in Mexico. The bank’s inadequate AML controls allowed billions of dollars in illicit funds to pass through its accounts, resulting in a $1.9 billion settlement with U.S. authorities.

Impact and Challenges

Money laundering has far-reaching consequences. It erodes trust in financial systems, fuels corruption, and enables organized crime and terrorism. Moreover, it creates economic distortions by misallocating resources and undermining fair competition. Countries with weak AML frameworks often become attractive destinations for illicit financial flows, further exacerbating economic inequality.

However, combating money laundering presents significant challenges. These include the complexity of tracking cross-border transactions, the rise of cryptocurrencies, and the use of sophisticated techniques by criminals to evade detection. While international bodies such as FATF and national governments have implemented stricter regulations, enforcement remains inconsistent.

Mechanisms to Prevent Money Laundering: Existing Measures and Proposed Controls

Money laundering poses a significant threat to global financial systems and economic stability. Preventing this illicit activity requires a combination of robust regulatory frameworks, international cooperation, and technological innovation. We examine existing mechanisms for combating money laundering, evaluates their effectiveness, and hope to propose enhanced controls and remedies to address emerging challenges.

Existing Mechanisms to Prevent Money Laundering

1. Regulatory Frameworks

Governments worldwide have established laws and regulations to combat money laundering. Key frameworks include:

Anti-Money Laundering (AML) Laws:

Laws such as the US Bank Secrecy Act (BSA) and the European Union’s Anti-Money Laundering Directives (AMLD) mandate financial institutions to implement controls for detecting and reporting suspicious activities.

Know Your Customer (KYC) Policies:

Financial institutions are required to verify the identities of their clients, ensuring transparency in transactions and reducing the risk of illicit activities.

Suspicious Activity Reports (SARs):

Institutions must file SARs with relevant authorities when they identify transactions that may involve money laundering.

2. International Cooperation

Money laundering often involves cross-border transactions, necessitating international collaboration. Organizations like the Financial Action Task Force (FATF) set global standards for AML measures and facilitate cooperation among member states. Additionally, mutual legal assistance treaties (MLATs) enable countries to share information and coordinate investigations.

3. Technology and Data Analytics

Advancements in technology have bolstered AML efforts. Artificial Intelligence (AI) and machine learning (ML) are used to detect anomalies in transaction patterns. Blockchain technology also enhances transparency by providing immutable records of financial transactions.

4. Financial Intelligence Units (FIUs)

FIUs, such as the US Financial Crimes Enforcement Network (FinCEN), analyze financial data to identify and investigate money laundering activities. These agencies act as intermediaries between financial institutions and law enforcement.

Effectiveness and Limitations of Existing Mechanisms

While existing mechanisms have had some success in curbing money laundering, challenges persist:

Evasion Tactics:

Criminals continually devise sophisticated methods, such as trade-based money laundering and virtual asset exploitation, to bypass controls.

Regulatory Gaps:

Variations in AML standards across jurisdictions create vulnerabilities, particularly in countries with weak regulatory frameworks.

Resource Constraints:

Many financial institutions and enforcement agencies lack the resources to implement advanced AML measures effectively.

Proposed Controls and Remedies

1. Strengthening International Cooperation

Enhanced collaboration among countries is essential to close regulatory gaps. Establishing a unified global AML framework, supported by real-time data sharing and joint task forces, can improve enforcement.

2. Leveraging Advanced Technologies

AI and Predictive Analytics:

Develop AI-driven tools capable of real-time transaction monitoring and predictive analysis to identify suspicious activities.

Blockchain Integration:

Promote the use of blockchain in financial systems to improve transparency and reduce opportunities for laundering.

3. Addressing Cryptocurrency Risks

Cryptocurrencies have become a preferred medium for laundering due to their pseudonymity.

4. Capacity Building and Training

Provide financial institutions and enforcement agencies with adequate resources and training to stay ahead of evolving laundering techniques. Awareness campaigns targeting high-risk sectors can also enhance compliance.

5. Public-Private Partnerships (PPPs)

Fostering collaboration between governments and private sector entities can improve AML efforts. PPPs enable the sharing of intelligence, resources, and best practices.

(The writer, a senior Chartered Accountant and professional banker, is Professor at SLIIT University, Malabe. He is also the author of the “Doing Social Research and Publishing Results”, a Springer publication (Singapore), and “Samaja Gaveshakaya (in Sinhala). The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the official policy or position of the institution he works for. He can be contacted at saliya.a@slit.lk and ww.researcher.com)

by Professor Emeritus,

I M Dharmadasa
Sheffield Hallam University, UK

This article summarises the history of solar energy development in Sri Lanka that I have been involved with, over the past 40 years and my thoughts on the present situation in the country. As an active solar energy conversion researcher in both academia and industry (British Petroleum Research in London), I have seen the maturity of this technology since the late 1980s and started to promote it in schools and community events in the United Kingdom.

I then extended this work to my native country, Sri Lanka, in 1991, by initiating a UK-DFID (UK Department of Foreign and International Development) funded and BC (British Council) managed Higher Education Link (HE-Link) programme. This is how I met all renewable energy promoters in Sri Lanka. This article brings back my memories from the work done in collaboration with various people, starting in the late 1980s.

During the six-year HE-Link programme, I worked with several universities (Peradeniya, Colombo, Kelaniya, Moratuwa and Ruhuna) and organised conferences, seminars and public lectures in schools and government ministries. There were only two or three small solar energy companies at that time, struggling to do business, and they all joined together to promote renewable energy initiatives in the country.

Among many interested academics, senior engineers like Dr. Ray Wijewardane joined all these events, and I met three notable entrepreneurs working in this field starting in 1985. They were Lalith Gunaratne, Pradip Jayawardane and Viran Perera. These three friends, who were brought up in Canada, visited Sri Lanka for a holiday after their marriages and decided to stay in Sri Lanka and start a solar energy business. Their starting work was a mobile solar water pump, but about 80% of the people who were not connected to the national grid asked for solar lighting rather than solar water pumping.

Sir Arthur C Clark also gave them a good helping hand and they started to install small solar home systems in rural areas. They also started to import solar cells and assemble SUNTEC 36 W solar modules in the country, but due to various barriers from outside, that project had to be terminated. There were numerous barriers within the country itself. I remember a newspaper article that appeared in Sri Lanka titled, “Solar Power Suitable for Lotus Eaters”. After all this fantastic work in the late 1980s, Lalith returned to Canada, Viren started an eco-tourist centre, and Pradip continued to work in the solar energy field.

Most of these entrepreneurs told me that the government authorities did not listen to them due to their vested interests. For this reason, I made the decision to promote renewables as a research scholar without any connection to a commercial company. This approach worked well, and I made two or three visits to Sri Lanka in some years delivering public lectures in ministries, universities and in schools. I also wrote numerous articles in the local press and completed many interviews on applications of renewable energy sources.

Solar home systems, at early stages, had about 50 W solar panels. These were combined with lead-acid batteries to store energy and provide 5-6 lights at night. This was also enough to power a black-and-white television for a few hours. Depending on the number of lights used, the cost of such a system varied between Rs 40,000 and Rs 60,000.

Meanwhile, the Ceylon Electricity Board also worked to expand the national grid under the country’s 100% electrification programme. As the national grid is available almost everywhere, the interest in small solar home systems gradually disappeared.

There were many people in the country involved in promoting renewables, and I was able to visit Sri Lanka every year to spend a few weeks at a time and work with numerous institutes.

I also personally met almost all Science & Technology Ministers, starting from Bernard Soysa, and some Power and Energy Ministers to introduce renewable energy projects. Although the government’s take-up was slow, the private sector developed very rapidly, starting many new companies for solar system installation.

Gradually, the main interest turned to the grid-tied larger solar systems installed on freely available rooftops. With the “Soorya Bala Sangramaya” programme introduced around 2016, solar roofs began to be connected to the grid via “Net Metering”, “Net Accounting”, and “Net Plus” methods. A few years ago, a 5 kW solar roof used to cost about Rs 14,00,000, but today, the cost has come down to about Rs 9,00,000. Each 5 kW solar roof installed in the country removes the need to burn 7.5 metric tons of imported coal, introducing numerous health and economic benefits to the nation, including reducing the country’s huge import bill.

I also collaborated with the ex-chairman of the Sri Lanka Sustainable Energy Authority (SLSEA), Prof. Krishan Deheragoda, to bring two 500 kW solar farms to the country, introducing larger solar farms. After promoting renewable energy over four decades, I am pleased to see numerous large solar energy systems beginning to appear in the country, including “Floating Solar Farms”.

The current government’s interest in indigenous, hydro, solar, wind, biomass and bio-gas energy, as well as the contributions from over 200 private solar energy companies to power Sri Lanka, is a very encouraging sign.

As a result of the six-year HE-Link programme SAREP (South Asia Renewable Energy Programme), the Solar Asia Conference series and the “Solar Village” project evolved. Solar Asia Conferences have taken place twice in Sri Lanka, once in Malaysia and once in India.

A pilot solar village started in 2008, and nine solar villages have been established in the country since. The concept of solar village is to empower rural communities by introducing a regular wealth creation method using solar energy and guiding them to develop themselves sustainably. This, in turn, contributes to reducing poverty and mitigating damaging climate change, benefits 80% of the Sri Lankan population who lives in villages, and paves the way for the prosperity of Sri Lanka. To attract external funding and rapidly replicate solar villages in Sri Lanka, a “Solar Village SDG” community interest company (CIC) was formed in November 2024.

According to the latest SLSEA statistics, Sri Lanka has 2000 MW of solar and 200 MW of wind installations. This is 2.2 GW and a good fraction of the total power production capacity (~5 GW) in the country.

The intermittent nature of solar and wind can currently be balanced using hydropower until the fast-developing green hydrogen technology is established in Sri Lanka. When solar power is at its maximum power production during the daytime, the hydropower can be reduced simply by controlling the flow of water without any technical difficulties. With the positive steps taken by the GOSL and the private sector, Sri Lanka could become a renewable energy island in the future, giving the country many health and economic benefits and attracting many tourists from around the globe.

To achieve this noble goal, every sector in the country should work together. The general public should understand the benefits of using renewables and install more systems in the country, perhaps via “Crowd Funding”.

It is now clear that ROI (Return on Investment) from a solar roof is greater than the interest earned by keeping the money in the bank. PV companies must improve their “after-sales service” to increase customer satisfaction and help their customers get the most from their investment by promptly rectifying any issues arising from these new technologies.

The CEB has a great responsibility to gradually improve the national grid by reducing energy leakages and replacing weak transformers and grid lines to move towards a smart grid, enabling the absorption of more indigenous solar and wind energy.

The Author, I. M. Dharmadasa, is an Emeritus Professor with 51 years of university service, over 40 years of active solar energy research, and over 35 years of renewable energy promotional work. He has supervised 30 Ph.D. students and published 254 scientific articles and two books in this field.