Sri Lanka taken off FATF grey list: Central Bank
ECONOMYNEXT – Sri Lanka has The Financial Action Task Force (FATF), a global anti-money laundering body has taken the island off its ‘grey list’ at a meeting last week in Paris, the central bank said.
The FATF grouping monitors Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) procedures of member countries.
“….Sri Lanka has strengthened the effectiveness of its AML/CFT regime and addressed related technical deficiencies to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in November 2017,” the central bank quoted the task force as saying.
“Sri Lanka is therefore no longer subject to the FATF’s monitoring process under its ongoing global AML/CFT compliance process.”
Shortly after Governor Indrajit Coomaraswamy was appointed, he led an action plan to clear the shortcomings identified.