Sri Lanka’s Financial Intel Unit signs MOU with Singapore authority

Sept 22, 2016 (LBO) – The Financial Intelligence Unit of the Central Bank of Sri Lanka (FIU) has entered into a memorandum of understanding with the Suspicious Transaction Reporting Office of Singapore (STRO) to facilitate exchange of information on money laundering and terrorist financing.

The MOU has been entered into “within the framework of each Authority’s national legislation, to facilitate the exchange of information related to investigations and prosecutions of money laundering and terrorist financing on September 01, 2016,” a statement said.

This MOU was entered into by the FIU – Sri Lanka, in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006.

“Money laundering and terrorist financing are internationally connected financial crimes which could threaten the stability of global economic and financial system,” the statement said.

“Therefore, a global coordination among financial intelligence authorities is essential to fight against money laundering and terrorist financing. In this regard, the FIU – Sri Lanka has so far entered into MOUs with 32 jurisdictions, including the MOU signed with the STRO for sharing information for intelligence purposes.”

A government minister told LBO that, among its other responsibilities, the FIU was looking into the Panama Papers leak on possible cases of tax evasion by Sri Lankans.