Report on National Risk Assessment on ML/TF
The stakeholders can download the sanitized version of the report on first National Risk Assessment (NRA) on Money Laundering (ML) and Terrorist Financing (TF) conducted with the assistance of the World Bank by the working groups of eighty members representing various organizations such as Law Enforcement Agencies, Regulatory Authorities of financial sector and non-financial sector, and the private sector.
2nd Mutual Evaluation of Sri Lanka on ML/TF
The second Mutual Evaluation (ME) on Sri Lanka was conducted in 2014 by the APG with the intention of assessing the Sri Lanka’s AML/CFT framework vis-à-vis the new FATF standards of 2012 on AML/CFT. Sri Lanka’s AML/CFT legal and institutional framework as well as the effectiveness of its implementation was assessed by a panel of 8 experts representing APG member countries and the APG Secretariat. The report was adopted at the APG Plenary held in Auckland, New Zealand in July, 2015.
Keynote Address: The Changing Regulatory Landscape of AML Compliance
Fintelekt (pvt) Ltd. (India) hosted the annual Anti-Money Laundering Summit at Taj Samudra, Colombo on April 23, 2015. The keynote address of this event was delivered by Mr. H Amaratunga, Director Financial Intelligence Unit of Sri Lanka. This forum provided an opportunity for the participants to discuss on various aspects of AML and CFT related to the banking and financial services industry in Sri Lanka.
Initial Workshop on National Risk Assessment (NRA) during 10-12 February 2014
The initial Workshop of National Risk Assessment (NRA) on Money Laundering(ML) and Terrorist Financing(TF) was held during 10 to 12 February, 2014 at Hotel Galadari, Colombo with the guidance of the World Bank (WB). Eighty (80) participants from various organizations such as Law Enforcement Agencies, Regulatory Authorities of financial sector and non-financial sector attended the workshop. They were divided into eight (8) sub-groups to assess threats and vulnerabilities on ML and TF of the country. At the workshop, the each sub-group agreed to submit their preliminary draft reports to the FIU by the end of April 2014.
Sri Lanka removed from the International Co-operation Review Group (ICRG)
The Financial Action Task Force (FATF) at its Plenary held in June 2013 acknowledged the significant progress of Sri Lanka in improving its AML/CFT regime and noted that Sri Lanka has established the legal and regulatory framework to meet its commitments with regard to the strategic deficiencies that had identified by Asia Pacific Group on Money Laundering (APG)/FATF.
The Financial Intelligence Unit (FIU) of Sri Lanka was established in March 2006 as an autonomous body under the Ministry of Finance and Planning. The FIU was reorganized as a Department in the Central Bank of Sri Lanka in February 2007 and then functions as an independent institution within the Central Bank’s framework and administrative structure.
To be the trusted and respected single agency with commitment to excellence in establishing the framework for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) in Sri Lanka.
To administer, effectively, the provisions of the Financial Transactions Reporting Act by facilitating the prevention, detection, investigation and prosecution of the offences related to money laundering and the terrorist financing.