FIU, SEC sign MoU to share Anti-Money Laundering Countering Financing of Terrorism info

In terms of the provisions of the Financial Transactions Reporting Act No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka has entered into a Memorandum of Understanding (MOU) with the Securities and Exchange Commission of Sri Lanka (SEC) to establish a framework for sharing information on supervisory findings based on comprehensive risk-based supervision focused on Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT) in the Securities sector.

SEC Director General Vajira Wijegunawardena and FIU Director D.M. Rupasinghe signed the MOU on behalf of the respective institutions in the presence of Central Bank Governor Dr. Indrajit Coomaraswamy, who is also the Chairman of the AML/CFT National Coordinating Committee and SEC Chairman Ranel T. Wijesinha.

Compliance with the AML/CFT framework of the country is essential for Securities sector participants too in the prevention of money laundering, terrorist financing and connected financial crimes which could threaten the stability of domestic and global economic and financial systems. 

The SEC, as the regulatory and supervisory body of the Securities sector, will conduct risk-based AML/CFT supervision and share supervisory findings with the FIU to ensure sector compliance with the AML/CFT framework.

The FIU has already entered into MOUs with foreign counterparts and domestic government agencies such as Sri Lanka Customs, the Department of Immigration and Emigration, Department of Inland Revenue, Department for Registration of Persons and Sri Lanka Police in order to share information to facilitate investigations. 

The MOU with the SEC is the first MOU signed with a regulatory or supervisory authority to share information relating to AML/CFT supervision. Further, arrangements have been made to soon sign MOUs with several other regulatory or supervisory authorities for the above purpose.