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News


 

Major funding blow for LTTE

By Walter Jayawardhana
Canada, which has increasingly become a fertile ground for supplying funds for the LTTE has announced new laws to combat money laundering and financing terrorist activities.
“Canada’s government will be relentless in its efforts to prevent money laundering and terrorist” funding, said Jim Flaherty, the country’s Finance Minister announcing the new regulations to fight terrorism.
The LTTE, an organization that flourished under the former Liberal government of Canada is a proscribed terrorist organization under the new conservative government but the LTTE is allegedly funding and engaging in money laundering for Sri Lanka‘s terrorism, operating under varied front organizations. The new regulations are expected to combat, the LTTE, Al-Queda and other terrorist organizations banned under Canadian law.
“We are taking an international leadership role to combat money laundering and terrorist financing by devoting substantial new funding to bolster our analytic, investigative and prosecution resources,” the Finance Minister further added.
Under the new regulations that were also published in the Canada Gazette Part 11 on June 27 all attempted suspicious transactions have to be reported to the government.
Under the new measures introduced enhanced information sharing among Financial Transactions and Reports Analysis Center of Canada (FINTRAC) law enforcement agencies and other domestic and international agencies will be established.

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