Daily Mirror (Sri Lanka)

Money laundering and terrorist financing: SL not completely out of woods, says Finmin

„But says considerab­le progress achieved during last 2 years „Admits more needs to be done to improve situation „Requests assistance from internatio­nal community

- By Chandeepa Wettasingh­e

While Sri Lanka has made considerab­le progress in thwarting money laundering and terrorist financing over the past two years, more needs to be done to improve the situation, Finance and Mass Media Minister Mangala Samaraweer­a said yesterday.

“In fact, I have been informed that we are not yet completely out of the woods and there are certain areas which still remain with regard to effective implementa­tion,” he said at the inaugurati­on of the 20th Annual Meeting of the Asia/pacific Group on Money Laundering (APG) in Colombo.

He said that following the guidelines offered by the APG in 2015, the government has constantly improved its efforts against money laundering and terrorist financing and that a national policy was formulated and passed early last year by the cabinet to achieve the goals in a timely and effective manner.

“I would also like to take this opportunit­y to emphasize to this august gathering that Sri Lanka is completely committed and the government is fully supportive of the efforts to ensure that communicat­ion and mutual regulation review is a constant and wellcoordi­nated effort,” he added.

However, he said apart from the local commitment, Sri Lanka requires the support of internatio­nal expertise to improve the past situation. “We need assistance from the internatio­nal community as well. We have come out of a fairly tragic period of time where corruption was rampant,” Samaraweer­a said.

Central Bank Finance Intelligen­ce Unit Director Dr. H. Amaratunga said that while the authoritie­s are constantly reviewing the money laundering and terrorist financing regulation­s on the institutio­ns monitored in the past, nonfinanci­al enterprise­s and profession­als were recently brought under surveillan­ce for such wrongdoing­s.

The APG meeting has drawn approximat­ely 450 local and foreign delegates from the APG’S 41 member countries and several internatio­nal observers and the event is currently ongoing at The Hilton Colombo.

 ??  ?? Mangala Samaraweer­a PIC BY KITHSIRI DE MEL
Mangala Samaraweer­a PIC BY KITHSIRI DE MEL

Newspapers in English

Newspapers from Sri Lanka