Sri Lanka’s Financial Intelligence Unit signs MOU with four other counterparts

Sri Lanka Financial Intelligence Unit (FIU) has entered into a MOU with counterparts of several foreign countries in a bid to keep a tab and tackle money laundering and terrorist financing.

Accordingly, the FIU, which comes under the Central Bank of Sri Lanka, has signed the MOU with its counterparts in countries such as Mongolia, Russia, Saudi Arabia and USA.

“Money Laundering and Terrorist Financing are generally considered to be internationally connected criminal activities. Therefore, a greater coordination among Financial Intelligence Authorities is needed to deal with these activities on a global basis”, added the Bank in a media release.

Accordingly, FIUs across the world, adopt MOUs to cooperate with each other with the exchange of information.

With the latest MOU’s, Sri Lanka now has signed MOU’s with 20 FIU’s in the world.

The other MOUs are with Australia, Belgium, Bangladesh, Canada, India, Malaysia, South Korea, Indonesia, Philippines, Afghanistan, Nepal, Cambodia, Fiji, Slovenia, South Africa and Solomon Islands.

These MOUs have been entered into in terms of the provisions of the Financial Transactions Reporting Act No. 6 of 2006.