Money Laundering Laws APG to review SL’s implementation

The Asia Pacific Group on Money Laundering (APG) will carry out a review on Sri Lanka's implementation of money laundering laws, an official of the Paris based Financial Action Task Force (FATF) told this reporter yesterday (17).

FATF Executive Secretary David Lewis however, didn't say when this review will take place. "I will tell you later," he said, in reply to a query. Nevertheless, he said that this review will be done by the Sydney based APG. He however, said that Sri Lanka passed certain laws last year to strengthen its anti-money laundering (AML) activities which Lewis deemed as being positive.

Nonetheless, Lewis, earlier speaking at the APG's 20th annual meeting, which was inaugurated in Colombo yesterday, said that it was not enough just to pass AML laws, but the need was in their implementation.

He also said that Sri Lanka and Costa Rica were the first two countries to report to the FATF Secretariat about their AML activities earlier this year.

Finance Minister Mangala Samaraweera who delivered the keynote address said that Sri Lanka has emerged out of a previous regime where corruption was rampant.

He said that an AML and Combating the Financing of Terrorism (AMLCFT) Policy had been drafted by the Government last year. Samaraweera said that the Government is committed to AMLCFT.

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