Sri Lanka removed from European money laundering list

ECONOMYNEXT – Sri Lanka has been removed from a list of high risk countries for money laundering and terror financing from May 07, the central bank said after it carried out a series of reforms to comply with international rules.

“The European Commission has de-listed Sri Lanka from its list of High Risk Third Countries with Anti- Money Laundering and Countering the Financing of Terrorism Strategic Deficiencies published on May 07, 2020,” the central bank said.

“The revised list of EU high risk third countries together with an Action Plan for comprehensive Policy on preventing money laundering and terrorist financing will be forwarded to the EU Council and Parliament for adoption.”

Sri Lanka was listed as a high risk country by Europe in February 2018 after a Financial Action Task Force (FATF) put Sri Lanka on a ‘grey list’ with shortcomings in the anti-money laundering and terror financing counter measures.

Click to Downland EC statement
https://ec.europa.eu/commission/presscorner/detail/en/ip_20_800