Sri Lanka steps up preparations for key anti-money laundering assessment

President Anura Kumara Dissanayake has stressed the importance of the contribution of all public and private sector institutions in successfully completing Sri Lanka’s third Mutual Evaluation on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).

The President made these remarks during a special discussion held at the Presidential Secretariat today (04) to review preparations for the upcoming evaluation process.

He said the successful completion of the evaluation is vital to strengthening Sri Lanka’s credibility within the international financial system and highlighted the need to systematically implement the relevant recommendations within the coming months, according to a statement by the President’s Media Division.

The Mutual Evaluation, conducted by the Asia/Pacific Group on Money Laundering, will assess Sri Lanka’s compliance with the 40 Recommendations introduced by the Financial Action Task Force (FATF), along with the effectiveness of their implementation based on 11 Immediate Outcomes.

The on-site visit by the evaluation team is scheduled to take place this year.

Officials of the Central Bank of Sri Lanka said preparations for the evaluation have been ongoing since 2023, with efforts intensified over the past two years under strict timelines.

Around 25 government institutions are involved in the national-level assessment, while coordination is being carried out by the Financial Intelligence Unit of the Central Bank of Sri Lanka.

The Presidential Task Force on Anti-Money Laundering and Countering the Financing of Terrorism is monitoring the progress of action plans being implemented by relevant institutions.

During the meeting, progress on implementing recommendations and action plans was reviewed, while attention was also drawn to challenges faced during the process and measures required to address them.

President Dissanayake also inquired about measures taken to curb online gambling, the progress of related legislation, and the establishment of the Authority for the Management of Proceeds of Crime, the PMD stated.

Officials informed the President that the establishment of the Authority has been completed and recruitment of staff is currently underway.

Deputy Minister of Digital Economy Eranga Weeraratne, Central Bank Governor Dr. Nandalal Weerasinghe, senior government officials, Attorney General Parinda Ranasinghe, Inspector General of Police Priyantha Weerasooriya, Chief of National Intelligence Major General Nalinda Niyangoda, and heads of relevant institutions were among those present at the discussion.