Sri Lanka’s insurance regulator to share information on money laundering with FIU
Aug 27, 2018 18:01 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – The Insurance Regulatory Commission of Sri Lanka (IRCSL) is to share information on money laundering and terrorist financing with the Financial Intelligence Unit (FIU) of the banking regulator.
The central bank said its FIU has entered into a Memorandum of Understanding with the Insurance Regulatory Commission to establish a framework for sharing information.
They will share supervisory findings based on comprehensive risk-based supervision focused on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) in the insurance sector, a statement said.
“Compliance with the AML/CFT framework of the country is essential for the insurance sector participants too in the prevention of money laundering, terrorist financing and connected financial crimes which could threaten the stability of domestic as well as global economic and financial systems.”
The IRCSL, as the regulatory and supervisory body of the insurance sector will conduct risk-based AML/CFT supervision and share supervisory findings with the FIU to ensure sector compliance with the AML/CFT framework.
The FIU has already entered into MOUs with 37 foreign counterparts as well as 6 domestic government agencies to share information to strengthen AML/CFT framework.
The agencies are Sri Lanka Customs, Department of Immigration and Emigration, Inland Revenue Department, Department for Registration of Persons, Sri Lanka Police and Securities and Exchange Commission of Sri Lanka.
(COLOMBO, 27 August, 2018)