Press briefing of Cabinet Decision taken on 2023-08-07

National Policy on Anti-Money Laundering and Countering the Financing of Terrorism (AMI/CFT) of Sri Laka and the Action Plan

- The Financial Intelligence Unit which has been established under the provisions of the Financial Transactions Reporting Act, No.6 of 2006, functions as a Department of the Central bank of Sri Lanka and it executes the provisions for the prevention of Money Laundering and Terrorist Financing and other unlawful activities defined in the Act. The Financial Actions Task Force, the inter‑governmental body which sets international standards to prevent Money Laundering and Terrorist Financing, has introduced 40 recommendations to be implemented by all the countries. As such, the Asia Pacific Group on Money Laundering, the regional institute of the Financial Actions Task Force evaluates whether Sri Lanka functions in compliance with the recommendations of the said Task Force. The 3rd Mutual Evaluation on Sri Lanka by the said Group is due to be commenced from March 2025. The proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies, to implement the National Policy on Anti-Money Laundering and Countering the Financing of Terrorism of Sri Laka for 2023‑2028 in order to fully assure the situation of Sri Lanka and to implement the Action Plans including the functions to be performed by each institution as remedies for the weaknesses identified in the prevention of Money Laundering and Countering the Financing of Terrorism, was approved by the Cabinet.