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Sri Lanka FIU, Inland Revenue to fight tax evasion

ECONOMYNEXT – The Financial Intelligence Unit (FIU) of Sri Lanka has entered into a Memorandum of Understanding with the Department of Inland Revenue to co-operate in the fight against money laundering and terrorist financing, including tax evasion.

The agreement is to exchange information in order to facilitate investigations and prosecutions on money laundering and terrorist financing, the central bank said in a statement.

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

Domestic coordination and cooperation between the FIU and the Department of Inland Revenue would help strengthen existing Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) mechanisms in Sri Lanka in relation to tax evasion.
“With the increase of tax related crimes all over the world, the Financial Action Task Force (FATF), the international policy setter on AML/CFT recommends countries to incorporate tax crimes as predicate offence to money laundering,” it said.

The FIU has already entered into similar MOUs with Sri Lanka Customs and Department of Immigration and Emigration while arrangements are being made to sign MOUs with other relevant domestic government agencies for the above purpose soon.
(COLOMBO, October 24, 2016)

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