The Financial Intelligence Unit (FIU) of Sri Lanka recently entered into Memoranda of Understanding (MoUs) with the Condominium Management Authority (CMA) and National Gem and Jewellery Authority (NGJA) focusing on the real estate market and the gem and jewellery trade.
The objectives are aimed at outlining the process for providing information and defining the nature of the support that the FIU expects from the CMA and NGJA in ensuring effective implementation of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) legal obligations for condominium developers and licensed gem and jewellery dealers in Sri Lanka.
D.M. Rupasinghe, Director, FIU and C A Wijeyeweere, Chairman of the CMA signed on behalf of the respective institutions in the presence of Dr. Indrajit Coomaraswamy, Governor - Central Bank who is also the Chairman of the AML/CFT National Coordinating Committee.
K.D. Chithrapala, Additional Secretary, Ministry of Industry and Commerce and Member of the Board of Financial Intelligence Unit, NGJA and, Dulip Somirathna, Director General of the NGJA were present.
“Compliance with the AML/CFT framework of the country is mandatory for the real estate agents including condominium developers and licensed gem and jewellery dealers in terms of the FTRA in the prevention of money laundering, countering the financing of terrorism and connected financial crimes which could threaten the stability of domestic as well as global economic and financial systems,” the bank said in a media statement.
The FIU has already entered into MOUs with 39 foreign counterparts as well as eight domestic government agencies such as Sri Lanka Customs, Department of Immigration and Emigration, Inland Revenue Department, Department for Registration of Persons, Sri Lanka Police, Securities and Exchange Commission of Sri Lanka, Insurance Regulatory Commission of Sri Lanka and Department of Motor Traffic in order to share information to strengthen the AML/CFT framework of the country.
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