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Sri Lanka FIU, immigration join hands to fight money laundering

ECONOMYNEXT – The Financial Intelligence Unit (FIU) of Sri Lanka has entered into a Memorandum of Understanding with the Department of Immigration and Emigration to combat money laundering and terrorist financing, the Central Bank said in a statement.

The agreement provides for the two institutions to share information in order to facilitate investigations and prosecutions on money laundering and terrorist financing, it said.

“The FIU has already entered into a similar MOU with Sri Lanka Customs, while arrangements are being made to sign MOUs with other relevant domestic government agencies for the above purpose soon,” it said.

“Money laundering and terrorist financing are internationally connected financial crimes, which could threaten the stability of the global economic and financial system,” the Central Bank said.

“With the expansion of cross-border movements of people and goods, money laundering and terrorist financing activities are becoming increasingly sophisticated and difficult to detect.

“Thus, domestic coordination and cooperation between the FIU and the Department of Immigration and Emigration helps deepen Sri Lanka’s efforts of preventing and combating illicit cross-border movements of people or goods and, establish a strong border control system in the country.”
(COLOMBO, Oct 07, 2016)

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