The Financial Intelligence Unit (FIU) has collected penalties amounting to Rs. 2.75 million in total from three institutions for non-compliance with the provisions of the Financial Transactions Reporting Act (FTRA). 

The Central Bank of Sri Lanka said the penalties were collected from MCB Bank Ltd, Bank of China Ltd, and Vogue Jewellers (Pvt) Ltd from May to October 2024. 

The Central Bank went on to note that by virtue of the powers vested under Section 19 (1) read together with section 19 (2) of the FTRA, penalties are imposed on Institutions for non-compliance with the provisions of the FTRA. 

The penalty may be prescribed taking into consideration the nature and gravity of relevant non-compliance of the Institutions.

Accordingly, as Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism, the FIU collected the said penalties to enforce compliance on Institutions. 

The Central Bank added that the money collected as penalties was credited to the Consolidated Fund. (Newswire)

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The Financial Intelligence Unit (FIU) of Sri Lanka has entered into a Memorandum of Understanding (MOU) with the National Secretariat for Non-Governmental Organizations to exchange information on investigations and prosecutions of Money Laundering (ML), Terrorist Financing (TF) and related crimes and of any persons connected.

According to the Central Bank of Sri Lanka (CBSL), the FIU signed the MOU, per the provisions of the Financial Transactions Reporting Act, No. 6 of 2006. 

Mr. Sanjeewa Wimalagunarathna, Director General and the Registrar of the National Secretariat for Non-Governmental Organizations, and Dr. Subhani Keerthiratne, Director of the FIU signed the MOU on behalf of the respective institutions at the Central Bank on Monday.

The MOU was signed in the presence of Dr. P Nandalal Weerasinghe, the Governor of the CBSL, in the capacity as the Chairman of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Coordinating Committee. Mrs. K M A N Daulagala, Senior Deputy Governor of the CBSL and Mrs. E H Mohotty, Assistant Governor of the CBSL also graced the event.

Non-Governmental Organizations (NGOs) could be misused for ML/TF and related crimes and thereby could threaten the stability of the national and global economic and financial systems. The National Secretariat for Non-Governmental Organizations is responsible for registering NGOs, monitoring their activities, providing facilities, and taking action against any misconduct etc. This MOU will facilitate the National Secretariat for Non-Governmental Organizations to exchange information with the FIU relating to any incident, investigation or prosecution stemming from the activities carried out by the National Secretariat or on any person connected to such activity, which will be an important aspect in prevention, detection and prosecution of ML/TF and related crimes. 

With the signing of this MOU, the FIU has entered into 16 MOUs with domestic government agencies, including Sri Lanka Customs, Sri Lanka Police, Department of Immigration and Emigration, Inland Revenue Department, Department for Registration of Persons, Excise Department of Sri Lanka, Commission to Investigate Allegations of Bribery or Corruption, Registrar General’s Department etc., to share information to strengthen the AML/CFT framework of the country. The FIU has entered into 45 MOUs with foreign counterparts as well. (Newswire)

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The Financial Intelligence Unit (FIU) of Sri Lanka has entered into a Memorandum of Understanding (MOU) with the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) to exchange information relating to investigations and prosecutions of money laundering, bribery or corruption, and other related offences. 

According to the Central Bank of Sri Lanka (CBSL), the new Anti-Corruption Act, No. 9 of 2023 has empowered the CIABOC to share information relevant to any investigation with any local law enforcement authority or any other Government authority. 

In terms of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the FIU can enter into MOUs with any domestic government institution to exchange information. The MOU between the CIABOC and the FIU would enable both institutions to exchange information, which is vital for the prevention, detection and prosecution of money laundering, bribery or corruption, and other related offences. 

Since 2008, the FIU has entered into 44 MOUs with foreign counterparts as well as 13 MOUs with domestic government agencies including Sri Lanka Customs, Department of Immigration and Emigration, Inland Revenue Department, Department for Registration of Persons, Sri Lanka Police, Excise Department of Sri Lanka, etc., in order to share information to strengthen the AML/CFT framework of the country.

The MOU was signed by Mr. Chethiya Goonasekera, PC, Commissioner of the CIABOC and Mr. Kanishka Wijeratne, Director General of the CIABOC on behalf of the CIABOC, and Dr. Subhani Keerthiratne, Director of the FIU on behalf of the FIU. 

The MOU signing was chaired by Dr. P Nandalal Weerasinghe, the Governor of the CBSL, in the capacity as the Chairman of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Coordinating Committee. Mrs. K M A N Daulagala, Deputy Governor of the CBSL, a member of the AML/CFT Task Force, also attended the occasion. (Newswire)

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The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka (CBSL) has collected penalties amounting to Rs. 14 million in total from three financial institutions.

According to the CBSL, the FIU collected the penalties from 27 September to 31 December 2023 to enforce compliance on the Financial Institutions. 

The penalties were collected from MMBL Money Transfer (Pvt) Ltd, Bank of Ceylon, and People’s Bank.

The CBSL said by the powers vested under Section 19 (1) read together with Section 19 (2) of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), financial penalties are imposed on Institutions for non-compliance with the provisions of the FTRA. 

The penalty may be prescribed taking into consideration the nature and gravity of the relevant non-compliance, it added.

Accordingly, as Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU collected the penalties has credited it to the Consolidated Fund. 

Full report : https://rb.gy/h727t1 (NewsWire)

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The Financial Intelligence Unit of Sri Lanka has entered into a Memorandum of Understanding (MOU) with the Excise Department of Sri Lanka to exchange information related to investigations and prosecutions of money laundering, terrorist financing and other related crimes.

According to the Central Bank of Sri Lanka, the MOU was signed in January 2024, in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA).

Mr. J M S N Jayasinghe, Commissioner General of Excise and Mrs. E H Mohotty, then Director, FIU signed the MOU on behalf of the respective institutions in the presence of Dr. P Nandalal Weerasinghe, the Governor of the CBSL, who is also the Chairman of the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) National Coordinating Committee.

Money laundering and terrorist financing are financial crimes with a global presence, which could threaten the stability of national and global economic and financial systems. The MOU between the Excise Department of Sri Lanka and the FIU would enable both institutions to exchange information which is vital for prevention, detection and prosecution of such offences.

Since 2008, the FIU has entered into 44 MOUs with foreign counterparts as well as 11 MOUs with domestic government agencies including Sri Lanka Customs, Department of Immigration and Emigration, Inland Revenue Department, Department for Registration of Persons, Sri Lanka Police, etc., to share information to strengthen the AML/CFT framework of the country. (NewsWire)

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