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New Laws To Prevent Money Laundering

Sep 22, 2011 7:49:42 PM - thesundayleader.lk

Justice Minister Rauf Hakeem has said the enforcement of new laws on money laundering would help detect and stop money flowing into the country that could fall into the hands of terrorist elements.

Hakeem has told parliament referring to the Prevention of Money Laundering (Amendment) Bill that the new laws would give more strength to the country in its fight against money laundering by Sri Lankans living overseas.

Money laundering is an act of exchanging ill gotten money by sending it through a legitimate organization, like a bank, after which the money flows back out as clean money.

According to Hakeem,Sri Lankawith its new laws could join the other Commonwealth countries to fight against money laundering without signing any agreements.