Press briefing of Cabinet Decision taken on 2023-12-18 (Subject to Confirmation at the next Meeting)

Terms of Reference for the Anti-money Laundering and Countering the Financing of Terrorism (AML/CFT) National Coordinating Committee and Establishment of a Task Force

- The Anti‑money Laundering and Countering the Financing of Terrorism (AML/CFT) National Coordinating Committee consists of representatives from the relevant Government agencies, law enforcement agencies, regulatory authorities and other stakeholders involved in AML/CFT efforts. In order to streamline the existing process of the National Coordinating Committee, Terms of Reference for that Committee have been drafted. It has also been identified the essentiality of establishing a Task Force to ensure the effective coordination among Government agencies, financial institutions, regulatory authorities and other stakeholders in finding solutions to the problems arising in anti‑money laundering and countering the financing of terrorism. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies on the proposed Terms of Reference for the National Coordinating Committee and to establish a Task Force, was approved by the Cabinet.