The gem and jewellery sector which makes a significant contribution to the economy is also successfully adhering to the Central Banks Financial Intelligence Unit’s (FIU) Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) obligations said Governor CBSL, Dr. Nandalal Weerasinghe.
“Furthermore, this adherence would also ensure compliance with the international recommendations, governance standards, and anti-corruption framework.”
Dr. Weerasinghe making the keynote address at the FIU organized an awareness program for the gem and jewellery sector on “Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance Obligations and New Developments” recently emphasized that these efforts would reinforce the AML/CFT framework of the country.
He extended an invitation to sector stakeholders, urging them to collaborate closely with the FIU and the NGJA in this national endeavor.
Sri Lanka is the ninth largest exporter of precious stones to the global market and one of the five most important gem bearing nations of the world. Sri Lanka is also one of the world’s steadiest suppliers of top quality gemstones. However, Sri Lanka’s export contribution to the economy is yet to match the other global stakeholders such as Thailand, which is an international trading hub for gem and jewellery and generates around US$ 12 billion in export revenue, and Hong Kong, which notches US$ 30 billion.
As per the Central Bank Annual Report 2022, Sri Lanka earned US$ 450 million as export income from gems, diamonds, and jewellery during 2022 while the annual average for the past 5 years was US$ 298 million
The Secretary to the Ministry of Industries, Tilaka Jayasundara, elaborated on the specific areas that require focused attention before the upcoming Mutual Evaluation in 2025. Further, she emphasized the importance of compliance in order to gain recognition in the international market.
Chairman of the National Gem and Jewellery Authority, Ajward Deen specifically emphasized the importance of registering with the FIU as a means of fulfilling these regulatory obligations.
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