The Central Bank of Sri Lanka (CBSL) is set to intensify its efforts to combat money laundering and counter the financing of terrorism (AML/CFT).
Governor Dr. Nandalal Weerasinghe announced that the Central Bank plans to broaden its scope, enabling the reporting of tax evasion, tax-related crimes, and suspicious transactions to the Financial Intelligence Unit (FIU) for immediate investigation. This initiative aims to enhance the nation’s financial transparency and strengthen its legal framework.
Dr. Weerasinghe emphasized the importance of creating more legal provisions for key institutions, including the Customs Department, Inland Revenue Department, and Excise Department, to swiftly share relevant information with the FIU. This step is expected to accelerate investigations and improve the efficiency of law enforcement.
The FIU has already signed agreements with several government agencies, granting access to national-level information to facilitate comprehensive investigations into suspicious activities. This collaborative approach strengthens Sri Lanka’s capability to combat financial crimes effectively.
The Governor revealed that amendments to three key legal acts are in the final drafting stages to align the legal framework with international standards. These changes will bolster the country’s AML/CFT regime and ensure compliance with global expectations.
Dr. Weerasinghe underscored the broader implications of these efforts, noting that a robust AML/CFT system will enhance the credibility of Sri Lanka’s financial system, attract foreign direct investments, improve access to international financial markets, promote good governance practices, and contribute to national security.
