Financial Intelligence Unit signs MoU with Department of Motor Traffic

Department of Motor Traffic Commissioner General A.H.K. Jagath Chandrasiri and Financial Intelligence Unit Director D.M. Rupasinghe exchanging the MOU. Central Bank Governor and AML/CFT National Coordinating Committee Chairman Dr. Indrajit Coomaraswamy and Central Bank of Sri Lanka Deputy Governor H.A. Karunaratne were 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 a Memorandum of Understanding (MOU) with the Department of Motor Traffic (DMT) on 1 November 2018 at the Central Bank of Sri Lanka to receive intelligence information related to investigations and prosecutions of money laundering, terrorist financing and other related crimes.

DMT Commissioner General A.H.K. Jagath Chandrasiri and FIU Director D.M. Rupasinghe signed the MOU on behalf of the respective institutions in the presence of Sri Lanka Central Bank Governor Dr. Indrajit Coomaraswamy, 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 internationally connected financial crimes which could threaten the stability of domestic as well as global economic and financial systems. The MOU with the DMT will enable the FIU to gather intelligence and information which is vital for prevention, detection and prosecution of such offences.  The FIU has already entered into MOUs with 37 foreign counterparts as well as seven domestic government agencies such as Sri Lanka Customs, the Department of Immigration and Emigration, the Inland Revenue Department, Department for Registration of Persons, Sri Lanka Police, Securities and Exchange Commission of Sri Lanka and Insurance Regulatory Commission of Sri Lanka in order to share information to strengthen the AML/CFT framework of the country.