Oct 06, 2016 (LBO) – Sri Lanka’s Central Bank has joined with the immigration office to receive information in order to facilitate investigations and prosecutions on money laundering and terrorist financing.
The bank’s Financial Intelligence Unit recently entered into a Memorandum of Understanding with the Immigration and Emigration Department in this regard in terms of the Financial Transactions Reporting Act.
“The FIU has already entered into a similar MOU with Sri Lanka Customs,” the Central Bank said.
“Arrangements are being made to sign MOUs with other relevant domestic government agencies for the above purpose soon.”
Domestic coordination and cooperation between the FIU and the Department of Immigration and Emigration helps deepen Sri Lanka’s efforts to prevent and combat illicit cross-border movements of people or goods and establish a strong border control system in the country, the central bank said.
Money laundering and terrorist financing are internationally connected financial crimes which could threaten the stability of global economic and financial system.
With the expansion of cross-border movements of people and goods, money laundering and terrorist financing activities are becoming increasingly sophisticated and difficult to detect.