Sri Lanka in high risk of ML & TF
The recent money laundering-related (Club Wasantha) assassination which shook the country will surely put Sri Lanka on the spot with the Financial Action Task Force (FATF), grey list, top officials predict.
When the FATF places a jurisdiction under increased monitoring, it is often referred to as being on the “grey list.” This means that the country has committed to resolving the identified strategic deficiencies in its anti-money laundering and counter-terrorism financing measures within agreed timeframes. During this period of increased monitoring, the country’s progress is assessed by the FATF to ensure it is taking appropriate actions to address the identified deficiencies.
Noting that the FATF conducts peer reviews of each member on an ongoing basis to assist in implementing their recommendations, the officials said that they would have gone through what happened in Sri Lanka. “The assessors go through each country’s news reports. They are especially diligent on news reports related to financial crime. The recent report about suspicious money laundering activities and assassination would have caught their attention,” an industry official told The Sunday Times business on Wednesday.
He noted that the recent money laundering-linked destinations are not doing any favours to Sri Lanka in the eyes of the FATF.
They added that the FATF mutual evaluation process plays a crucial role in demanding that countries have operational measures in place to combat money laundering, terrorist financing, and proliferation financing. It provides a complete analysis of a country’s system and helps detect areas for improvement.
The FATF mutual evaluation contains an on-site exam by a FATF team of experts where the team will require evidence that demonstrates that the particular country’s measures are working and delivering the right result.
The official added that the evaluators will do a scope report before the mutual evaluation.
The FIU (Financial Intelligence Unit) of the CBSL (Central Bank of Sri Lanka) has been working hard with the international authorities to combat money laundering.
Last year, in a move to identify, assess, and manage Money Laundering (ML) and Terrorist Financing (TF) risks, it directed lawyers and notaries to assess verification before performing client activities.
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