LONDON, November 20 /PRNewswire/ -- The United States Department of the Treasury designated the Tamil Rehabilitation Organisation (TRO) under Executive order 13224 on the 15 November 2007. This move by the Office of Foreign Assets Control aims to target financing vehicles of terrorist groups. TRO branches globally reportedly collected in excess of US$20m in post-2004 tsunami fundraising alone.
World-Check has once again kept clients ahead of financial, regulatory and
reputation risk by profiling the 18 TRO's and their numerous locations up
to one year ahead of OFAC.
"The risk of increased movement of illegal funds from the EU to the LTTE
will now be heightened" warns John Solomon, Head of World-Check's
Terrorism and Insurgency Research Unit (TIRU). "With the United States
taking a harder line on the LTTE, the group will gravitate towards other
tried and true financing centres in Europe and Asia for funding its
infrastructures and attacks." This warning is based on the existence of
large financial support networks within pliant Sri Lankan Tamil enclaves
abroad, especially in Western countries. World-Check's TIRU researchers
have cautioned that several recent developments indicate that money raised
and transferred to the LTTE may increase significantly in the near term.
This is due to three striking developments.
Firstly, the Sri Lankan military killed the LTTE's chief political
representative involved in peace talks, S. P. Thamilselvan, on the 3rd of
November. Thamilselvan enjoyed considerable popularity, and the expatriate
Tamil communities in Canada, Norway, the UK and Switzerland have
demonstrated a public outpour of mourning for the slain leader. As
resentment against the Sri Lankan states grows among these communities,
increased financial donations from these populations should be expected.
Secondly, the Sri Lankan capture and control of a large portion of
formerly held LTTE territory in the Eastern province is increasingly seen
as a vital threat to any possible political resolution where the Tamils
might realize their idea of a separate homeland. The Tamil expatriate
communities may express their solidarity with LTTE by supporting the group
by giving money.
Thirdly, LTTE's spectacular ground and air raids may have convinced the
LTTE's supporters in the Sri Lankan Tamil diaspora that the group remains
potent, viable and in need of their support.
World-Check's CEO and founder, Mr. D. Leppan was recently invited as
principle speaker to the International Conference on Countering Terrorism,
held in Colombo, Sri Lanka, which brought together renowned terrorism
experts from 23 countries. Leppan spoke extensively on the ongoing battle
against terrorism financing and the vital role the financial industry
plays in this fight. "Political killings, perceived encroachment and shows
of force indicate that money raised to the LTTE can be expected to rise
significantly in the near term" said Mr. Leppan. "Unfortunately, there are
still significant gaps being exploited as some European countries exercise
more diligence than others. Ongoing investment in technological and
research capabilities has placed World-Check at the forefront of global
risk intelligence, and it is this very commitment to innovation and
research that keeps World-Check ahead of the competitive curve. We are
extremely proud of our repeated success in warning the financial community
of serious risk. "
World-Check's specialist Terrorism and Insurgency Research Unit (TIRU)
sets the global benchmark for terror-focused risk intelligence, monitoring
and continually expanding its database of terrorism-related profiles. TIRU
traces the financing trends of specific terrorist organisations, and maps
their financial interactions and the relationships between overlapping
trans-national criminal networks.
World-Check's intelligence content outweighs the collective knowledge base
of the four most authoritative government sanctions issuing bodies in the
world. Featuring more than 23,000 terrorism-related profiles,
World-Check's intelligence capacity exceeds that of the US OFAC, Bank of
England, EU and UN combined. Collectively, these bodies held 889 unique
terrorism-related profiles as of 31 October 2007.
World-Check provides its global database of heightened-risk individuals
and businesses to more than 2400 institutions, including 46 of the world's
50 largest financial institutions and hundreds of government agencies. The
database is updated daily in real-time by World-Check's international
research team, and is derived from hundreds of thousands of public
sources. Coverage includes Politically Exposed Persons (PEPs), money
launderers, fraudsters, terrorists and sanctioned entities - plus
individuals and businesses from over a dozen other high-risk categories.
World-Check's database and tools find direct application in financial
compliance, anti-money laundering (AML), Know-Your-Customer (KYC), PEP
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