Sri Lanka money laundering watchdog ramps up monitoring on apartment, gem sales
ECONOMYNEXT- The Financial Intelligence Unit (FIU) of Sri Lanka has signed memoranda of understanding (MoUs) with the Condominium Management Authority and the National Gem and Jewellery Association to receive support on monitoring money laundering, a statement said.
The FIU, an independent unit of the central bank, in a statement said that the MoUs outline the processes for providing information and the support expected from the Condominium Management Authority and the National Gem and Jewellery Association.
The MoUs will help “in ensuring effective implementation of Anti-Money Laundering/Countering the Financing of Terrorism legal obligations for condominium developers and licensed gem and jewellery dealers in Sri Lanka.”
The statement said that it is mandatory for condominium developers and gem and jewellery dealers to provide information under the Financial Transactions Reporting Act to help prevent money laundering and terrorist financing that could threaten domestic and global economies.
FIU has already entered into MoUs with 39 foreign counterparts and 8 domestic government agencies. (Colombo/Sep03/2019)