Financial Intelligence Unit signs MoU with Department of Immigration and Emigration

Friday, 7 October 2016 00:51 - - {{hitsCtrl.values.hits}}

Department of Immigration and Emigration Controller General M. N. Ranasinghe (right) shakes hands with FIU Director H. Amaratunga whilst exchanging the MoU. Central Bank Governor Indrajit Coomaraswamy, who is also the Chairman of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) National Coordinating Committee is 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 Immigration and Emigration on 27 September, 2016 at the Central Bank of Sri Lanka to receive information in order to facilitate investigations and prosecutions on money laundering and terrorist-financing.

Department of Immigration and Emigration Controller General M. N. Ranasinghe and FIU Director H. Amarathunga signed the MoU on behalf of the respective institutions in the presence of Central Bank Governor Indrajit Coomaraswamy, who is also the Chairman of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) National Coordinating Committee.

Money laundering and terrorist-financing are internationally connected financial crimes with the potential to threaten the stability of the global economic and financial system. Further, with the expansion of cross-border movements of people and goods, money laundering and terrorist-financing activities are becoming increasingly sophisticated and difficult to detect. Thus, domestic coordination and cooperation between the FIU and the Department of Immigration and Emigration helps deepen Sri Lanka’s efforts to prevent and combat illicit cross-border movements of people or goods and establish a strong border control system in the country.

The FIU has already entered into a similar MoU with Sri Lanka Customs, while arrangements are being made to sign MoUs with other relevant domestic Government agencies for the same purpose soon.