‘Money laundering – New obligations of reporting suspicious transactions’ seminar on 3 August

A seminar titled ‘Money laundering - New obligations of reporting suspicious transactions’, organised by the Asian Pathfinder Legal Consultancy Services will be held on 3 August at the Movenpick Hotel, Colombo 3 from 2.00 p.m. to 5.00 p.m.

The objective of the seminar is to familiarise and assist companies to comply with new obligations of reporting suspicious transactions. These new rules are brought in through the operation on Extraordinary Gazette Notification No. 2015/56 dated 21 April 2017, issued by the Minister of Finance, expanding the scope of Section 29 read with Section 7 of the Financial Transactions Reporting Act No. 6 of 2006.

This seminar will give an overview of compliance requirements and the potential impact of non-compliance to report suspicious transactions, how cash transactions are to be managed, what constitutes a suspicious activity, how to assess whether a transaction may be related to the commission of any unlawful activity or criminal offence and to facilitate a responsive session to discuss concerns and clarifications required by participants. 

The new amendments are applicable across all industry participants, including banks and finance companies, stockbrokers, insurers, authorised money changing companies, real estate agents, fund managers, lawyers, notaries and independent legal professionals, accountants and casinos and gambling houses. 

As such, company directors, senior managers, lawyers, accountants and designated compliance officers of finance/non-finance entities stated in gazette notification 2015/56 will benefit from this seminar. 

The moderator and key speaker of the seminar will be Dr. Dayanath Jayasuriya P.C., who has held many prestigious positions during his career, including being the former Chief Technical Adviser to the UN International Drug Control Programme, Member of the UN Expert Panel on Drafting of Model Anti Money Laundering/Countering Financing of Terrorism (AML/CFT) legislation, Chairman of the Presidents Committee of the International Organization of Securities Commission (IOSCO), the Securities and Exchange Commission of Sri Lanka and the Insurance Board of Sri Lanka.

Yasantha Kodagoda P.C. Additional Solicitor General, Kalinga Indatissa P.C. and Malik Cader Attorney at Law will be present as panel members.    

For more information and registrations call Lara on 077 071 5595 or Yamuna on 0774211286.