Central Bank signs MoU to block money laundering

Friday, 23 September 2016 00:01 -     - {{hitsCtrl.values.hits}}

The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka yesterday announced it has entered into a Memorandum of Understanding (MOU) with the Suspicious Transaction Reporting Office of Singapore (STRO) to increase vigilance of money laundering and terrorist financing. 

The MOU was entered into on the basis of reciprocity and in the spirit of cooperation and mutual interest and within the framework of each authority’s national legislation, to facilitate the exchange of information related to investigations and prosecutions of money laundering and terrorist financing on 1 September, the Central Bank said in a statement. This MOU has been entered into by the FIU – Sri Lanka, in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006.

“Money laundering and terrorist financing are internationally connected financial crimes which could threaten the stability of global economic and financial system. Therefore, a global coordination among financial intelligence authorities is essential to fight against money laundering and terrorist financing.” 

In this regard, the FIU – Sri Lanka has so far entered into MOUs with 32 jurisdictions, including the MOU signed with the STRO for sharing information for intelligence purposes.