FIU and bribery commission sign MoU to combat finance crimes

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.