9 August 2023 12:01 am Views - 127
The Cabinet nod has been granted to implement the Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT) National Policy ahead of the third mutual evaluation conducted by Asia Pacific Regional Group on Money Laundering.
This week, President Ranil Wickremesinghe, also serving as the Minister of Finance, Economic Stabilisation, and National Policies requested Cabinet of Ministers’ approval to enact the 2023-2028 National Policy for Anti-Money Laundering and Countering the Financing of Terrorism.
The aim is to address existing vulnerabilities in Sri Lanka’s money laundering and prevention of terrorism financing efforts, and to implement actionable plans delineating responsibilities of relevant institutions.
The Financial Action Task Force, the intergovernmental body that sets international standards to prevent money laundering and terrorist financing, has introduced 40 recommendations to be implemented by all countries.
The Department of Government Information noted that the Asia Pacific Regional Group on Money Laundering, the regional body of the Financial Action Task Force, is currently evaluating whether Sri Lanka is complying with the recommendations of the Financial Action Task Force.
The third mutual evaluation of Sri Lanka conducted by the Asia Pacific Regional Group on Money Laundering is scheduled to start from March 2025.
The Financial Intelligence Unit (FIU)established as per the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 and operating as a department of the Central Bank enforces provisions to prevent money laundering, financing of terrorism and other illegal activities as defined in the Act.