|TRO Funds forfeited to the State|
|Tuesday, 18 November 2008 12:21|
A sum of approximately Rupees 71 million which was lying to the credit of the Tamil Rehabilitation Organization (TRO) at the time the funds of the TRO were frozen, have now been forfeited to the State.
The TRO accounts were suspended in Sri Lanka in terms of the provisions of the Financial Transactions Reporting Act and the Convention on the Suppression of Terrorist Financing Act in August 2006. Such suspension was carried out on the grounds that the large sums of money received by the TRO from time to time from international non-governmental organizations, individuals, foreign entities and TRO branches in several foreign locations, purporting to be funds for humanitarian projects in Sri Lanka, were, according to intelligence reports, mainly used to finance terrorist activities, and that the money, securities or credits which were lying to its credit were being used or intended to be used for such purposes.