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Sri Lanka approves tougher terrorist financing & money laundering laws
Sri Lanka's parliament has passed changes to laws against money laundering and terrorist financing, broadening their scope and enabling police to freeze funds.
The amendments make the Sri Lanka's anti-money laundering and Countering Financing of Terrorism (AML/CFT) laws "fully compliant with the international standards," a statement from the central bank's financial intelligence unit said.
The laws are based on recommendations by the Financial Action Task Force, an inter-governmental body incorporated by the G7 group of advanced countries to work as global policy setter on AML/CFT, it said.
"The newly amended laws will strengthen the AML/CFT regime and will facilitate the implementation initiatives undertaken by the Financial Intelligence Unit of the Central Bank, law enforcement agencies and prosecutors."
Key features of the amendments include applicability of terrorist financing law to include citizens of Sri Lanka and non-citizens while present in Sri Lanka.
They also define funds to include assets of every kind, be it tangible or intangible, movable or immovable which are kept in Sri Lanka or outside Sri Lanka.
Terrorist financing offences which before the amendments were confined to terrorist groups were widened to include financing by a single terrorist and also for any terrorist act, the statement said.
"The new law also provides authority for police to freeze or suspend terrorist funds and properties relating to terrorist financing or activities before indictment," it said.
Changes to prevention of money laundering laws have expanded them to cover any person who has committed a money laundering offence while in Sri Lanka.
They provide for recovery of corresponding value of the properties related to a money laundering offence in the absence of properties realized through money laundering, the statement said.
They also allow for foreign predicate or money laundering offences to be included as unlawful activities.
Sri Lanka enacts tougher terrorist financing, money laundering laws - LANKA BUSINESS ONLINE
Sri Lanka's parliament has passed changes to laws against money laundering and terrorist financing, broadening their scope and enabling police to freeze funds.
The amendments make the Sri Lanka's anti-money laundering and Countering Financing of Terrorism (AML/CFT) laws "fully compliant with the international standards," a statement from the central bank's financial intelligence unit said.
The laws are based on recommendations by the Financial Action Task Force, an inter-governmental body incorporated by the G7 group of advanced countries to work as global policy setter on AML/CFT, it said.
"The newly amended laws will strengthen the AML/CFT regime and will facilitate the implementation initiatives undertaken by the Financial Intelligence Unit of the Central Bank, law enforcement agencies and prosecutors."
Key features of the amendments include applicability of terrorist financing law to include citizens of Sri Lanka and non-citizens while present in Sri Lanka.
They also define funds to include assets of every kind, be it tangible or intangible, movable or immovable which are kept in Sri Lanka or outside Sri Lanka.
Terrorist financing offences which before the amendments were confined to terrorist groups were widened to include financing by a single terrorist and also for any terrorist act, the statement said.
"The new law also provides authority for police to freeze or suspend terrorist funds and properties relating to terrorist financing or activities before indictment," it said.
Changes to prevention of money laundering laws have expanded them to cover any person who has committed a money laundering offence while in Sri Lanka.
They provide for recovery of corresponding value of the properties related to a money laundering offence in the absence of properties realized through money laundering, the statement said.
They also allow for foreign predicate or money laundering offences to be included as unlawful activities.
Sri Lanka enacts tougher terrorist financing, money laundering laws - LANKA BUSINESS ONLINE
