Sri Lanka falls short in global rules of money laundering

Sunday, 28 January 2018 - 13:23

Sri+Lanka+falls+short+in+global+rules+of+money+laundering
Sri Lanka has been placed under scrutiny for falling short of global rules on combatting money laundering and terrorist financing.

The Financial Action Task Force had placed Sri Lanka under 'monitoring' for 'strategic deficiencies," a classed among high risk and non-compliant countries.

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions.

The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

The FATF is, therefore, a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.


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