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Money laundering watchdog to monitor effectiveness of Sri Lanka plan

ECONOMYNEXT- An Inter-governmental Financial Action Task Force (FATF) is happy with Sri Lanka’s action plan and new rules on money laundering but wants to see their effectiveness, the central bank governor said.

"In November we went to Paris, to FATF," Indrajit Coomaraswamy said.

"They were more than happy. They commended us in terms of implementing the action plan," he said.

Central Bank officials had met members of the US delegation, who had been raised most concerns about lack of progress earlier.

"We met the head of the US delegation, who was extremely complementary in terms of the work our colleagues have done."

Sri Lanka was placed on a grey list for money laundering and terrorist financing earlier this year after the country had not fulfill 40 recommendations and 11 immediate outcomes between 2015 and 2017.

An action plan was later developed.

Coomaraswamy said that the FATF has inquired about the effectiveness of the action plan.

"We said we need time to show the effectiveness," he said.

"They will send a team for in country assessment."





"It’s quite an arduous action plan. Our deputy governors worked really hard, ticked all the boxes." (Colombo/Nov14/2018)


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