Sri Lankan casinos, gems, real estate under financial regulator scrutiny

ECONOMYNEXT – Sri Lanka’s financial regulator is closely monitoring the activities of people involved in the casino, gems and jewellery and real estate businesses to ensure compliance with international anti-money laundering laws, an official said.

D M Rupasinghe, Director of the Financial Intelligence Unit of Sri Lanka’s Central Bank, said the authorities were taking action to correct deficiencies in its anti-money laundering rules identified by the European Union.

“We are closely monitoring the activities of these people,” he told a forum held by the Ceylon Chamber of Commerce to hold discuss regulatory and compliance challenges in the banking sector.

“We have alredy taken steps to monitor and regulator them,” Rupasinghe said.

New laws are being prepared to correct refects idenfied by the EU and are in various stages of readiness, he said.

The FIU under the central bank is tasked with combating money laundering, terrorist financing and other related crimes in Sri Lanka in line with international recommendations and standards.

The European Commission has identified Sri Lanka’s casinos, real estate and the gem and jewellery business as ‘high risk” areas.

(COLOMBO, March 26, 2018)

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