https://www.dailynews.lk/2025/02/11/admin-catagories/breaking-news/721580/govt-gets-tough-on-money-laundering-terrorism-financing/

A High-Level Task Force on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) and Preparations for Sri Lanka’s Third Mutual Evaluation on AML/CFT Framework has been appointed, according to the Central Bank.

The members of the Task Force are: Justice Buwaneka Aluwihare, PC, Retired Judge of the Supreme Court (Chairman); Justice Minister Harshana Nanayakkara; Labour Minister and Deputy Minister of Economic Development Prof. Anil Jayantha Fernando; Deputy Minister of Finance and Planning Dr. Harshana Suriyapperuma, Central Bank Senior Deputy Governor Nelumani Daulagala and Finance Ministry Additional Director General A. K. D. Arandara.

According to the Central Bank, Sri Lanka’s third Mutual Evaluation on the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework coordinated by the Asia Pacific Group on Money Laundering (APG) is set to begin in the near future.

During this upcoming Mutual Evaluation, Sri Lanka is required to demonstrate Technical Compliance with the 40 Recommendations of the Financial Action Task Force (the global policy setter on AML/CFT) and their effective implementation through 11 Immediate Outcomes.

For effective implementation of the Action Plans, approved by the Cabinet of Ministers, outlining the actions to rectify the remaining gaps in the AML/CFT framework have been communicated to the relevant stakeholder institutions, namely, the Attorney General’s Department, Sri Lanka Police, Sri Lanka Customs, Commission to Investigate Allegations of Bribery or Corruption, Justice Ministry, Defence Ministry, Foreign Ministry, Finance Ministry, Department of the Registrar of Companies, Inland Revenue Department, Excise Department, Legal Draftsman’s Department, Registrar General’s Department, Securities and Exchange Commission of Sri Lanka, Insurance Regulatory Commission of Sri Lanka, Construction Industry Development Authority, National Gem and Jewellery Authority, National Secretariat for Non-Governmental Organisations and Import and Export Control Department.

An AML/CFT Task Force was initially established in 2023 with the concurrence of the Cabinet of Ministers to monitor and follow-up the implementation of the aforesaid Institution-wise Action Plans.

The AML/CFT Task Force has now been reconstituted with high-level ministerial representation under the directions of the President ensuring Government’s support for this process and in alignment with its efforts to fight corruption in Sri Lanka.

At its first meeting on January 29, 2025, the Chairman and the members of the Task Force highlighted the strategic importance of the Mutual Evaluation and requested the full cooperation and coordinated assistance of each stakeholder institution to successfully face this crucial assessment.