Functions
The Financial Intelligence Unit of Sri Lanka (FIU-Sri Lanka) as the central repository of reported information performs the following functions;
- Review and amend the relevant Acts, Regulations and Rules on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) in line with current market developments and international best practices and coordinate the issuance of the same.
- Comply with AML/CFT international standards and best practices.
- Address AML/CFT shortcomings identified in Mutual Evaluations and implement the National AML/CFT Policy.
- Carry out Money Laundering and Terrorist Financing (ML/TF) related legal tasks.
- Disseminate financial intelligence to appropriate Law Enforcement Agencies (LEAs) and Supervisory Authorities (SAs) through conducting strategic and operational analysis.
- Strengthen Risk-Based AML/CFT Supervision in Financial Institutions (FIs) and Designated Non-Finance Businesses and Professions (DNFBPs) to combat ML/TF in Sri Lanka.
- Conduct LankaFIN Operations and implementation of goAML, AML/CFT Reporting and Analysis system.
- Implement provisions of the Targeted Financial Sanctions in United Nations Security Council Resolutions (UNSCRs).
- Strengthen the domestic coordination and international cooperation on AML/CFT related matters.
- Improve the AML/CFT institutional framework.
- Conduct awareness programmes for stakeholders including FIs, DNFBPs, LEAs and SAs.
- Issue the FIU publications including the FIU Annual Report.