Membership of AML/CFT increased | Daily News

Membership of AML/CFT increased

Membership of the National Coordinating Committee Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) had been increased in order to better coordinate mechanisms to combat the above.

Accordingly, Cabinet approval was granted on Tuesday (15) to a proposal made by Finance and Mass Media Minister Mangala Samaraweera, to widen the composition with the inclusion of the Commissioner General of the Department of Inland Revenue, Commissioner General of the Department of Exercise, Director General of the Bribery Commission and representatives of the Ministry of Defence and Ministry of National Policies and Economic Affairs.

In 2006, the Financial Intelligence Unit under the Finance Ministry, introduced the policy on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). It was later established as the national coordinating committee on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).

Minister Samaraweera had pointed out the need for various government institutions to work together to combat financial crime and thus, the proposal to widen the scope of the committee with the inclusion of the people above was made.

The Financial Action Task Force (FATF) - the global policy setter on Anti Money Laundering and Countering the Financing of Terrorism (AMACFT) - has publicly identified Sri Lanka as a country with strategic AMACFT deficiencies, placing Sri Lanka in its ‘Grey’ list of countries.

An Action Plan for Sri Lanka has been introduced to be implemented within a given time frame to rectify the deficiencies highlighted by FATF.

Further, the European Union in its Parliamentary Sessions in February 2018, had already black-listed Sri Lanka when it comes to money laundering.


 

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