CB intensifies fight against money laundering, terrorist financing

28 August 2018 12:01 am Views - 1536

IRCSL Director General Damayanthi Fernando and FIU Director D.M. Rupasinghe signed the MoU on behalf of the respective institutions in the presence of Central Bank Governor Dr. Indrajit Coomaraswamy and IRCSL Chairman Mano Tittawella  

 

The Central Bank’s Financial Intelligence Unit (FIU) early this month entered into a memorandum of understanding (MoU) with the Insurance Regulatory Commission of Sri Lanka (IRCSL) to fight money laundering and terrorist financing in the insurance sector. 

The FIU has already entered into MoUs with 37 foreign counterparts as well as six domestic government agencies such as the Sri Lanka Customs, Immigration and Emigration Department, Inland Revenue Department, Registration of Persons Department, Sri Lanka Police and Securities and Exchange Commission to fight money laundering and terrorist financing.

The Financial Action Task Force has put Sri Lanka on a grey list from November, last year, on money laundering and terrorist financing. 

Following this development, the European Parliament blacklisted Sri Lanka along with Tunisia and Trinidad and Tobago as countries at risk for acts of money laundering.