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CB ramps up fight against money laundering and terrorism financing
View(s):By Damith Wickremasekara
The Central Bank will strengthen inter-agency frameworks for cooperation and coordination to combat money laundering and terrorist financing in line with the international standards recommended by the international intergovernmental body, the Financial Action Task Force (FATF), a senior government official said.
Among the measures will be the signing of a Memorandum of Understanding (MOU) between government agencies and the Financial Intelligence Unit of the Central Bank.
The main government agencies that will be working with the CB to combat money laundering and terrorist financing include the Inland Revenue Department (IRD), the Police Department, the Attorney General, the Auditor General, all banks and financial institutions, the Commission to Investigate Bribery and Corruption, Sri Lanka Customs, the Controller of Imports and Exports, the Company Register, the Controller of Immigration and Emigration Department, the Excise Department and the Gambling Authority of Sri Lanka.
There are no formal arrangements to coordinate activities related to money laundering. This gap has hindered efforts to detect illegal cross-border cash movements.
The signing of the MOUs will be completed by November, following which Sri Lanka can obtain assistance from the Paris-based FATF to investigate money laundering, terrorism financing and related crimes at an international level.
“There will be closer scrutiny of entities that are suspected to be engaged in money laundering, even in instances where they pay taxes. Individuals linked to suspect entities will also be investigated once the inter-agency MOUs are signed,” the officials said.
The investigations will also cover not-for-profit organisations, casinos, offshore accounts, and real estate developers, all of which are used to launder black money.
The FATF sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and the financing of proliferation, and other related threats to the integrity of the international financial system.
The FATF recommendations set out a comprehensive and consistent framework of measures which countries should implement to combat money laundering and terrorist financing, as well as the financing of the proliferation of weapons of mass destruction.
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