Sri Lanka to effectively implement UN resolutions on terror financing

Sri Lanka is to look at effectively implementing United Nations Security Council Resolutions on proliferation financing and terrorist financing.

The Central Bank of Sri Lanka, in its Monetary and Financial Sector Policies for 2020 and Beyond, released today, the Central Bank said that further amendments are to be introduced to the Financial Transactions Reporting Act, Prevention of Money Laundering Act, and Convention on the Suppression of Terrorist Financing Act.

Also, amendment to the Companies Act in the area of ultimate Beneficial Ownership is expected to be facilitated.

Prof. W.D.Lakshman, Governor of the Central Bank of Sri Lanka said that the National Risk Assessment (NRA) on Money Laundering and Terrorist Financing will also be conducted in 2020, in collaboration with all relevant stakeholders.

He said that in coordination with other stakeholders, Sri Lanka will act to effectively implement United Nations Security Council Resolutions on proliferation financing and terrorist financing while working towards the completion of implementation of the “goAML” online reporting and analysing system.

In 2019, the priority of the Financial Intelligence Unit (FIU) was to successfully complete the time bound action plan provided by the Financial Action Task Force (FATF) to address deficiencies in the spheres of anti- money laundering and countering of financing of terrorism (AML/CFT).

These actions were taken to get Sri Lanka delisted from the FATF’s “Grey List”. This aim was realised by the end of the year.

“We continued the supervisory role, supported by timely issuance of Rules, Regulations, Guidelines and Circulars,” the Governor said.

Further, he said Sri Lanka will issue sector Guidelines for Lawyers, Notaries, Accountants, Trusts and Company Service Providers in order to strengthen the AML/CFT requirements for Designated Non Finance Businesses and Professions.

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