Sri Lanka President calls for strong coordination ahead of AML/CFT evaluation
Sri Lanka President Anura Kumara Dissanayake has called for strong coordination among public and private institutions to successfully complete the country’s third international evaluation on preventing money laundering and terrorist financing.
A special discussion on Sri Lanka’s third Mutual Evaluation of international Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standards was held at the Presidential Secretariat in Colombo this morning (August 4), under the patronage of the President.
President Dissanayake said the active participation of all relevant institutions was essential, as the evaluation would help strengthen Sri Lanka’s credibility within the international financial system.
The evaluation will examine Sri Lanka’s technical compliance with the 40 recommendations introduced by the Financial Action Task Force (FATF). It will also assess how effectively those recommendations are being implemented through 11 Immediate Outcomes.
An on-site visit by the evaluation team is scheduled to take place this year. The President stressed the need to properly implement the relevant recommendations over the next few months and said the process could be completed successfully through close coordination among all institutions.
Central Bank of Sri Lanka officials said preparations for the evaluation began in 2023 and had been intensified during the past two years under strict deadlines.
The Mutual Evaluation is a national-level audit conducted by the Asia/Pacific Group on Money Laundering. Around 25 government institutions are involved in the process, while local coordination is handled by the Financial Intelligence Unit established within the Central Bank.
A task force appointed by the President to prevent money laundering and suppress terrorist financing is monitoring the progress of action plans that must be implemented by the relevant institutions during the evaluation process.
During the meeting, the progress made by ministries and other institutions in implementing the recommendations and action plan was reviewed. Officials also discussed the problems that had arisen and the steps needed to resolve them quickly.
The President inquired about measures taken to stop online gambling and the progress of introducing related laws.
The meeting also reviewed the establishment of the Authority for the Management of Proceeds of Crime. President Dissanayake stressed that the authority must be able to operate effectively.
Officials said the work required to establish the authority had been completed and that staff recruitment was currently underway.
Deputy Minister of Digital Economy Eranga Weeraratne, Central Bank Governor Dr. Nandalal Weerasinghe, Secretary to the Ministry of Finance, Planning and Economic Development Dr. Harshana Suriyapperuma, and Secretary to the Ministry of Defence retired Air Vice Marshal Sampath Thuyacontha attended the meeting.
Ministry secretaries, Attorney General Parinda Ranasinghe, Inspector General of Police Priyantha Weerasooriya, Chief of National Intelligence Major General Nalinda Niyangoda, and heads of relevant institutions were also present.
Representatives of the Commission to Investigate Allegations of Bribery or Corruption and the Legal Draftsman’s Department were among the other officials who attended.
