High-level Asia Pacific Group assesses Sri Lanka’s readiness for 2026 Anti-Money Laundering Evaluation

Monday, 7 April 2025 05:06 - - {{hitsCtrl.values.hits}}

The Central Bank on friday announced that a high-level delegation from the Asia Pacific Group on Money Laundering (APG) visited Sri Lanka last month to provide critical insights and support for the upcoming Mutual Evaluation on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework of Sri Lanka, scheduled to commence in March 2026.

The delegation engaged with local authorities to discuss Sri Lanka’s preparedness for this important evaluation. The visiting international delegation comprised APG Co-Chair and Japanese Finance Ministry Finance for International Affairs Deputy Vice Minister Mitsutoshi Kajikawa, APG Secretariat Acting Deputy Executive Secretary Mitali Tyagi, and Japanese Finance Ministry International Bureau Office for Countering Illicit Financial Flows Director Takahiro Yamasaki. The APG is one of the regional bodies under the Financial Action Task Force (FATF) to ensure that member jurisdictions implement international standards to combat money laundering, terrorism financing, and proliferation financing related to weapons of mass destruction. All the countries are required to comply with the FATF’s 40 Recommendations and demonstrate their effectiveness across 11 immediate outcomes, thereby enhancing global efforts to mitigate financial crimes and strengthen financial integrity. Accordingly, Sri Lanka’s third Mutual Evaluation is scheduled to commence in March 2026.

Currently, 24 public stakeholders, financial institutions, and designated non-financial businesses and professions are involved in the country’s AML/CFT efforts, with the Financial Intelligence Unit (FIU) playing a central role as the focal point. During the visit, the APG high-level delegation met with the Central Bank Governor, who serves as the Chairman of the National Coordinating Committee on AML/CFT, to discuss Sri Lanka’s progress, challenges, and strategic priorities ahead of the evaluation. The delegation also held meetings with other relevant parties, including a few Cabinet Ministers and high-level officials, to further guide and strengthen the country’s AML/CFT efforts in preparation for the upcoming evaluation.

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