Sri Lanka’s framework for combatting money laundering and terrorism financing under spotlight

Wednesday, 25 December 2024 00:02 - - {{hitsCtrl.values.hits}}

President AKD chairs high-level meeting on preparations for country’s upcoming Mutual Evaluation by APG
Focuses on preventing money laundering, countering terrorism financing

Sri Lanka’s efforts in terms of combatting money laundering and terrorism financing came under spotlight on Monday at a high-level review involving the Government and the Central Bank officials.

The high-level discussion on the critical preparations for Sri Lanka’s upcoming Mutual Evaluation (ME) by the Asia/Pacific Group on Money Laundering (APG) was held under the patronage of President Anura Kumara Dissanayake at the Presidential Secretariat.

The meeting focused on preventing money laundering and countering terrorism financing (AML/CFT) and included participation from Cabinet Ministers, Ministry secretaries, officials from the Central Bank of Sri Lanka, and the Financial Intelligence Unit (FIU).

The FIU highlighted the urgent implementation of Cabinet-approved action plans involving 24 key institutions, including regulatory bodies and law enforcement agencies. These plans prioritise legal reforms, capacity building, enhanced inter-agency cooperation, and maintaining comprehensive records to meet the Financial Action Task Force (FATF) recommendations effectively.

Dissanayake directed the establishment of dedicated teams to ensure compliance and closely monitor progress. He emphasised the importance of collaboration and accountability in strengthening Sri Lanka’s AML/CFT framework.

The President underscored the need for a robust and effective system to secure favourable evaluation outcomes, maintain financial stability, and bolster international confidence in the country’s economy.

Finance and Planning Deputy Minister Dr. Harshana Suriyapperuma and Secretary to the President Dr. Nandika Sanath Kumanayake also attended the meeting.