The modus operandi in this case was said to be the “cloning” of credit cards skimmed at petrol sheds in various parts of England by the Liberation Tigers of Tamil Eelam (LTTE) to fund its terrorist activities in Sri Lanka. It has been reported that about 200 independently owned petrol stations are said to be currently investigated where LTTE terrorists operating under the guise of petrol shed staff have been involved. The investigations have also apparently revealed that the Credit Cards cloned in Britain have been used to obtain funds in Thailand, and some other far off parts of the world. In that context, what is important to note here is that such criminal activities could very well be happening in our own countries too, and we may be inadvertently funding terrorism ourselves. It is therefore clear that we have all got to be vigilant to ensure that these as well as other fund raising and laundering modalities are not adopted in our respective countries and to institute immediate and effective safeguards to combat them. My dear friends, this massive fraud in England also demonstrates very strongly that Terrorists and Terrorism are not a threat only to the country where the actual terror is unleashed but, indeed, to every other peoples, countries and economies as well.
Jean-Pierre Roth: The euro – a stabilising factor in the international currency system Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the Fondation Jean Monnet pour l'Europe, Lausanne, 21 September 2007. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  The euro is undoubtedly a success story. It has contributed to stabilising the international currency system. In Europe, the former monetary disorder has been replaced by a new monetary order. The European payment system has become more transparent and price stability is guaranteed. Switzerland, too, is benefiting from European currency stability. The Swiss franc is taking advantage of a monetary environment that is considerably calmer than previously. The euro and the franc are coexisting very successfully. Nevertheless, it would be wrong to claim that all the effects of European currency integration have already worked their way through to the real economy. In spurring on competition and promoting transparency, the euro is having an integrating effect. However, there are still considerable obstacles standing in the way of this integration process. BIS Review 103/2007  1