Financial Intelligence Unit enters into MoUs with CMA and NGJA

FIU Director D.M. Rupasinghe and CMA Chairman C.A. Wijeyeweere exchanging the MOU. Central Bank of Sri Lanka Governor Dr. Indrajit Coomaraswamy, Central Bank of Sri Lanka Deputy Governor H.A. Karunaratne, Central Bank of Sri Lanka Assistant Governor S. Gunaratne, and senior officials of the CMA also present

FIU Director D.M. Rupasinghe and NGJA Director General Dulip Somirathna exchanging the MOU Central Bank of Sri Lanka, Governor Dr. Indrajit Coomaraswamy, Central Bank of Sri Lanka Deputy Governor H.A. Karunaratne, Central Bank of Sri Lanka Assistant a S. Gunaratne, and Ministry of Industry and Commerce Additional Secretary K.D. Chithrapala also present

In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into Memoranda of Understanding (MOUs) with Condominium Management Authority (CMA) and National Gem and Jewellery Authority (NGJA) on 28 August at the Central Bank of Sri Lanka with the objectives of outlining the process for providing information and defining the nature of the support that the FIU expects from the CMA and NGJA in ensuring effective implementation of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) legal obligations for condominium developers and licensed gem and jewellery dealers in Sri Lanka. 

FIU Director D.M. Rupasinghe and CMA Chairman C.A. Wijeyeweere signed on behalf of the respective institutions in the presence of Central Bank of Sri Lanka Governor Dr. Indrajit Coomaraswamy, who is also the Chairman of the AML/CFT National Coordinating Committee. Also, Ministry of Industry and Commerce Additional Secretary and NGJA Board of Financial Intelligence Unit Member K.D. Chithrapala, and NGJA Director General Dulip Somirathna were present for the entering of the MOU between the FIU and the NGJA. 

Compliance with the AML/CFT framework of the country is mandatory for the real estate agents including condominium developers and licensed gem and jewellery dealers in terms of the FTRA in the prevention of money laundering, countering the financing of terrorism and connected financial crimes which could threaten the stability of domestic as well as global economic and financial systems. 

The FIU has already entered into MOUs with 39 foreign counterparts as well as eight domestic government agencies such as Sri Lanka Customs, Department of Immigration and Emigration, Inland Revenue Department, Department for Registration of Persons, Sri Lanka Police, Securities and Exchange Commission of Sri Lanka, Insurance Regulatory Commission of Sri Lanka and Department of Motor Traffic in order to share information to strengthen the AML/CFT framework of the country.