Press briefing of Cabinet Decision taken on 2011-07-13

Proposed Laws Relating to Anti Money Laundering and Countering the Financing of Terrorism in Sri Lanka

- the proposal made by H.E. the President to present in Parliament two amending Bills pertaining to the above, prepared by the Legal Draftsman, was approved by the Cabinet. The salient features of the two Bills are as follows:

(a) Convention on the Suppression of Terrorist Financing (Amendment) Bill:

* Applicability of terrorist financing law widely defined to include citizens of Sri Lanka and non-citizens while present in Sri Lanka.
* The "Funds" is defined to include assets of every kind whether it is tangible or intangible, movable or immovable, kept in Sri Lanka or outside Sri Lanka
* Terrorist Financing offences have been widened to include financing of a terrorist and/or any terrorist act.
* Authority for Police to freeze/suspend terrorist funds and properties relating to terrorists financing or activities before indictment.

(b) Prevention of Money Laundering (Amendment) Bill:

* Applicability of the Law has been expanded to cover any person who has committed a money laundering offence while in Sri Lanka.
* Recovery of corresponding value of the properties related to a money laundering offence, in the absence of properties derived/realized through money laundering.
* coverage of unlawful activities relating to money laundering have been further expanded by inclusion of offences liable for imprisonment for five years or over.
* coverage of an act committed within any jurisdiction outside Sri Lanka, which would either constitute an offence in that jurisdiction or which should if committed in Sri Lanka, amount to an unlawful activity within the meaning of this Act.