Sri Lanka fixing gaps in money laundering framework: Fin Min

ECONOMYNEXT – Sri Lanka is fully committed to eradicating financial crimes, and is in the process of fixing gaps identified in its anti-money laundering and terrorist financing framework, Finance Minister Mangala Samaraweera said.

Sri Lanka’s cabinet of ministers had approved a national policy overseen by the cabinet and from President Maithripala Sirisena downward to dedicated bureaucrats there was strong commitment to eradicate financial crimes, he told a meeting of Asia Pacific Group on money laundering in Colombo on Monday

"We have emerged from a period where corruption was rife," Samaraweera said.

He said as the finance minister who was responsible for the country’s Financial Intelligence Unit was committed to improving anti-money laundering and combating financing of terrorism (AML/CFT) framework.

Anti-money laundering activities are driven by a global body, Financial Action Task Force (FATF). It had begun a review of countries on their implementation.

Many countries were given technical assistance to fill the gaps, officials said. (Colombo/July/2017)