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US BOOSTS ANTI-MONEY LAUNDERING CAPABILITIES

WASHINGTON, DC - The US Department of Homeland Security has launched a new initiative intended to intensify investigations of money laundering crimes and help the private sector shore up weaknesses in financial systems.

In recent remarks at the New York Federal Reserve, Homeland Security Secretary Tom Ridge said that the department has taken action in response to criminal organizations' attempts to seek new ways to finance their operations.

The initiative - called Operation Cornerstone - aims at identifying ways in which criminals launder their illegal profits, bringing them to justice and eliminating vulnerabilities in financial systems.

The Department also announced a new program to share with the private sector data on security gaps discovered during investigations to help private companies improve defenses against money laundering and other financial crimes.

In addition, the Department said, it is expanding a task force that investigates computer-based crimes.

SILICON VALLEY BANK FINANCES TECH OPERATION

SANTA CLARA - Silicon Valley Bank has signed a $7.5 million debt financing agreement with Paradigm Genetics Inc. of Research Triangle Park, North Carolina.

The financing includes a $5 million, four-year secured term loan at significantly lower rates than the company's current loan and a $2.5 million revolving line of credit.

The company will use approximately $3.0 million of the proceeds from the term loan to pay off its current equipment financing loan with Transamerica Technology Finance, which was to mature in June, 2004.

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