FIU signs anti-money laundering MOU with Bdesh CB

Friday, 26 November 2010 01:34 - - {{hitsCtrl.values.hits}}

The Financial Intelligence Unit of the Central Bank of Sri Lanka (FIU Sri Lanka) recently signed a Memorandum of Understanding (MOU) with Anti-Money Laundering Department of Central Bank of Bangladesh (FIU Bangladesh) to share financial information to facilitate investigation and prosecution of persons suspected of money laundering and terrorist financing.

The signing ceremony was held in Dhaka, Bangladesh on 28 October 2010 during the Annual Typologies Workshop of the Asia Pacific Group on Money Laundering. Ziaul Hasan Siddiqui, the Deputy Governor of Bangladesh Bank chaired the signing ceremony while Md. Abul Quasem, Executive Director of Anti-Money Laundering Department of Bangladesh Bank and D. M. Rupasinghe, Director, FIU Central Bank of Sri Lanka signed the MOU on behalf of two institutions.

Money laundering and terrorist financing are often internationally connected activities. Therefore, Financial Intelligence Authorities also need to be internationally organised to fight against these criminal activities. Hence there is a need for the FIUs to co-operate with each other to exchange information. MOUs will therefore, facilitate greater co-operation and co-ordination among the FIUs in the exchange of information.

The FIU-Sri Lanka has already entered into MOUs with 11 jurisdictions, i.e. Australia, India, Belgium, Malaysia, South Korea, Indonesia, Philippines, Afghanistan, Nepal, Cambodia and Solomon Islands. Arrangements are currently being made to sign similar MOUs with Japan, Canada and South Africa in due course.