Sri Lanka strengthens anti-money laundering, anti-terrorism financing measures
View(s):Sri Lanka will be strengthening the national Anti-Money Laundering and Countering the Financing of Terrorism policy framework of the country.
State intelligence units have received information recently that extremist terror group members were receiving huge sums of money from informal channels such as ‘Undiyal’ system to carry out business activities in major towns including Pettah market.
Several newcomers to the Pettah market have started gold jewellery, textile, readymade garments, saris, electrical appliances and wholesale essential commodity trade spending money lavishly during the past few years, Colombo Traders Association members complain.
They said they have informed the relevant authorities about their plight but no action has been taken against these money launderers who were doing businesses with money sent to them through ‘Undiyal’ system by the international division of an extremist terror group. Latest reports said bitcoins were used to transfer funds to the group that was behind the Easter Sunday attack.
Security forces have raided a Dematagoda housing complex on information received by them with regard to black money dealings of a gold jewellery shop owner who is one of the occupants of the house at that time, they revealed.
Sri Lanka Financial Intelligence Unit will also act towards strengthening the national Anti-Money Laundering and Countering the Financing of Terrorism policy framework of the country, official sources said.
Considerable progress has been made in completing the Action Plan agreed with the Financial Action Task Force (FATF), the global policy setter on anti-money laundering and countering the financing of terrorism (AML/CFT), FATF. Central Bank is expecting that Sri Lanka will be taken off the FATF’s ‘grey list’ by mid-2019.
(Bandula)