FIU and bribery commission sign MoU to combat finance crimes

18 June 2024 09:18 pm Views - {{hitsCtrl.values.hits}} 3 Bookmark

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By Nuzla Rizkiya

In a collaborative effort to prevent financial crimes in the country, the Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MoU) with the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), today.

The agreement signed at the Central Bank of Sri Lanka, legally binds the two institutions to exchange information related to investigations and prosecutions of money laundering, bribery, corruption and other related offences.

The partnership was chaired by the Governor of the Central Bank of Sri Lanka in his capacity of as the Chairman of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Coordinating Committee.

Director of the FIU Dr. Subhani Keerthiratne, Commissioner of the CIABOC, PC, Chethiya Goonasekera and Director General of the CIABOC Kanishka Wijeratne signed the MoU on behalf of their respective institutions in the presence of the governor.

Financial crimes such as money laundering and bribery are on the rise in Sri Lanka posing substantial threats to the nation's economic and financial stability.

The partnership between the bribery commission and the FIU will enable both institutions to exchange vital information for the prevention, detection and prosecution of such offences.

Since 2008, the FIU has entered into MoUs with 13 domestic government agencies and 44 foreign counterparts in a bid to strengthen the AML/CFT framework of the country.

Government agencies include Sri Lanka Customs, Department of Immigration and Emigration, Inland Revenue Department, Department for Registration of Persons, Sri Lanka Police and the Excise Department of Sri Lanka.

Under the Financial Transactions Reporting Act, No. 6 of 2006, the FIU is authorized to enter into MoU’s with any domestic government institution for the exchange of information.

Similarly, the bribery commission is now empowered to share information relevant to any investigation with any local law enforcement or government authority under the new Anti-Corruption Act, No. 9 of 2023.

Comments - 3

Suhada malli Wednesday, 19 June 2024 10:27 AM

The cry and the voice of the genuine aragalaya which was a very law abiding peaceful protest was very keen to reduce corruption in this country. This voice came from decent middle class families as well. The lot that genuinely pays their taxes and quite a lot use private education and health care. This voice should not get subdued because of the (geo) politically lead activist which basically humiliated and destroyed the genuine aragalaya (the cry of the people). Suggest that we create an easy mechanism for WHISTLE BLOWING. eg. have hoarding in every junction with easy to remember Whatsapp numbers to which suspected Bribery transactions of customs officers, businessman, politicians, tax and excise officers etc can be alerted. example if a whistleblower alerts of a possible transaction happening at the port or has already happened, FIU or CIABOC can then mobile undercover detectives. Once successful share it in the newspaper. the whistleblower will be happy.

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Suhada malli Wednesday, 19 June 2024 10:33 AM

FIU should get from every bank branch a monthly report of the companies (eg Travel agencies, Jewellery companies, gem companies, apartment sellers, Art collectors etc) that deposit the largest amount of sales proceeds in CASH for the month. Eg a monthly report of the 200 highest depositors from every bank branch. Using digitally automated Data Entry and Data analytics tools FIU can then look for spikes and investigate them. Use some digital technology and go behind a few people.

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Suhada malli Wednesday, 19 June 2024 10:50 AM

It is a well known fact now that corruption from Government Servants adds up to much larger amounts than the corruption of the politicians. This too not all but those in positions of decision making, authorising and evaluation (eg Tender evaluation committees). FIU must have a permanent unit of detectives that gets the banking and lifestyle details of these govt servants, their spouses, and both sets of parents and the children. Using ID card numbers get the banks to send a 6 monthly report of the inflows to these family members accounts. Study their foreign travel and foreign education spending. We need to make corruption very dangerous and "not worth the risk" type environment and also create a very smelly social stigma and deprivation. All countries have corruption. What's worrying in SL is the high level of acceptance of same as normal! No shame to be corrupt and very inadequate Honour in been clean. in the older days a Dishonoured cheque then sack the accountant.

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