European Commission delists SL from High Risk Countries’ list | Daily News


 

European Commission delists SL from High Risk Countries’ list

For Anti - Money Laundering, Countering the Financing of Terrorism:

The European Commission has de-listed Sri Lanka from its list of High Risk Third Countries with Anti- Money Laundering and Countering the Financing of Terrorism Strategic Deficiencies published on May 07, 2020.

Sri Lanka was listed as a high risk third country by the EU in February 2018, subsequent to Sri Lanka being identified by the Financial Action Task Force (FATF) as a jurisdiction with strategic AML/CFT deficiencies in its Compliance Document which is more commonly identified as “the Grey List” in October 2017.

Upon listing, a time bound Action Plan to address the strategic deficiencies identified was assigned to Sri Lanka.

Since the listing by the FATF, the Financial Intelligence Unit (FIU) together with other stakeholders had taken a series of effective and tangible steps to implement the FATF Action Plan well within the given time frame and accordingly, the FATF delisted Sri Lanka from its Compliance Document (a.k.a. “the Grey List”) at its Plenary held during October 13-18, 2019 in Paris.

The revised list of EU high risk third countries together with an Action Plan for comprehensive Policy on preventing money laundering and terrorist financing will be forwarded to the EU Council and Parliament for adoption.

It is expected that the de-listing by FATF and EU will negate the adverse consequences that prevailed during the previous two years and further strengthen the positive economic outlook and financial integrity of the country.

 


Bourse ends in red

Bourse ended in red territory for the 2nd consecutive day, triggering a circuit breaker within the first 10 minutes of trading, as the S&P SL20 index fell by more than 5%.

ASPI index was dragged down, predominantly due to the price losses in CTC and JKH. The index reached an intraday low of 4223, and later recovered to 4290, and closed at 4,248 losing 144 points. Turnover was boosted by the parcel trade made in WATA.

The market recorded net foreign selling while witnessing high domestic participation.

The secondary market yield curve remained broadly unchanged while overall market witnessed mixed activity amidst moderate volumes.

Short tenor maturities 01.03.21 and 01.05.21 traded at 7.00% while 01.10.22 traded at 7.75% and 15.01.23 traded in the range of 7.95%-8.00% levels.


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