Sri Lanka’s cabinet has approved a proposal to enact laws to nab money launderers and expose irregular financial transactions, officials said Friday. Sri Lanka’s cabinet has approved a proposal to enact laws to nab money launderers and expose irregular financial transactions, officials said Friday. The Prevention of Money Laundering Bill and Financial Transactions Reporting Bill, will now go before parliament for formal approval, cabinet spokesman Nimal Siripala de Silva told reporters.
The Financial Transactions Reporting Bill mandates banks, finance companies, leasing companies, casinos, accountants, auditors and lawyers to report any transactions that appear to be suspicious to the authorities.
The anti money laundering bill will make it illegal for people to ‘wash their dirty money’ or ‘legitimise their ill-gotten gains’, by disguising the sources, changing the form, or moving the funds to a place where they are less likely to attract attention.
The illegal activities cover terrorism, organised crime, illicit arms sales, drug trafficking, human trafficking, prostitution, insider trading, bribery, computer frauds and so forth.