Sri Lanka could be taken off money laundering watch list this year: IMF
May 17, 2019 09:43 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – Sri Lanka could be taken off a ‘Grey List’ of countries deemed not compliant enough with global rules to prevent money laundering and terrorist financing by the second half of this year, the International Monetary Fund has said.
A team from the Financial Action Task Force (FATF), an intergovernmental organization to combat money laundering and terrorist financing, will visit Sri Lanka in May, an IMF statement said.
They will check Sri Lanka’s compliance with global Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) rules.
The FATF placed Sri Lanka under monitoring status, or a grey list, in 2017 saying there were strategic deficiencies in its compliance.
The latest IMF statement said Sri Lanka has taken measures to strengthen the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime of the country.
“Accordingly, it is expected that Sri Lanka will be able to exit the “Grey List” during the second half of 2019,” it said.
“The authorities, with the coordination of other stakeholders, are actively engaged in working towards successful completion of the time-bound action plan provided to Sri Lanka to address the strategic deficiencies identified in the AML/CFT activities by Financial Action Task Force (FATF).
“The FATF has assessed Sri Lanka’s progress in implementing the Action Plan through the Asia Pacific Joint Group (AP/JG),” the IMF said.
“The AP/JG acknowledged that Sri Lanka has made significant progress and has largely addressed the action plan given by the FATF.”
(COLOMBO 17 May 2019)