By: Isuru Parakrama
November 10, Colombo (LNW): The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka (CBSL) has recently secured Memorandums of Understanding (MOUs) with 16 local institutions and 45 international bodies, bolstering the nation’s commitment to counter money laundering and terrorist financing.
The MOUs, as outlined by CBSL Governor Nandalal Weerasinghe, aim to strengthen information-sharing mechanisms that facilitate investigations and legal actions on financial crimes.
Weerasinghe, who also chairs the National Coordination Committee on Money Laundering and Terrorist Financing, stressed that these agreements align with the Financial Transactions Reporting Act No. 6 of 2006.
He underscored that the partnerships with both local and global entities would enhance the country’s ability to trace and combat illicit financial flows effectively.
The CBSL Governor raised concerns about potential exploitation of non-governmental organisations (NGOs) for illegal financial activities, which could endanger both national security and economic stability.
He warned that such practices, if unchecked, pose a serious threat to the integrity of Sri Lanka’s financial system and the global economy.
The partnerships, he noted, are essential for coordinating efforts in detecting, investigating, and prosecuting financial crimes linked to money laundering and terrorism financing.
Locally, the FIU has signed agreements with key entities, including Sri Lanka Customs, Sri Lanka Police, the Department of Immigration and Emigration, the Department of Inland Revenue, and the Commission to Investigate Allegations of Bribery or Corruption.
These alliances are designed to streamline the sharing of information across agencies and facilitate cohesive action on financial crime.
On the international front, the FIU’s 45 formal agreements establish a robust network for intelligence exchange, reinforcing the global framework against financial crime.
This collaborative approach with international counterparts aims to bring Sri Lanka into closer alignment with global standards for preventing money laundering and terrorist financing, strengthening its position as a regional player in financial security.
