Central Bank unit gets Singapore help in tracking suspicious transactions

The Financial Intelligence Unit of the Central Bank of Sri Lanka (FIU - Sri Lanka) has entered into a Memorandum of Understanding (MOU) with the Suspicious Transaction Reporting Office of Singapore (STRO), the CB said on Thursday.
This pact is on the basis of reciprocity and in the spirit of cooperation and mutual interest and within the framework of each Authority’s national legislation, to facilitate the exchange of information related to investigations and prosecutions of money laundering and terrorist financing. The MoU has been entered into by the FIU – Sri Lanka, in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006.
“Money laundering and terrorist financing are internationally connected financial crimes which could threaten the stability of global economic and financial system. Therefore, a global coordination among financial intelligence authorities is essential to fight against money laundering and terrorist financing. In this regard, the FIU - Sri Lanka has so far entered into MoUs with 32 jurisdictions, including the MoU signed with the STRO for sharing information for intelligence purposes,” the CB media release said.