Sri Lanka has reconstituted its High-Level Task Force on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) as the country gears up for its third Mutual Evaluation by the Asia Pacific Group on Money Laundering (APG).
The evaluation, which assesses compliance with the Financial Action Task Force’s (FATF) 40 recommendations, is a crucial step in determining the effectiveness of Sri Lanka’s efforts in combating financial crimes, the Central Bank’s Financial Intelligence Unit said.
Sri Lanka’s third Mutual Evaluation on the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework, coordinated by the Asia Pacific Group on Money Laundering (APG), is set to begin in the near future. During this upcoming Mutual Evaluation, Sri Lanka is required to demonstrate Technical Compliance with the 40 Recommendations of the Financial Action Task Force (the global policy setter on AML/CFT) and their effective implementation through 11 Immediate Outcomes.
For effective implementation of the Action Plans, approved by the Cabinet of Ministers, outlining the actions to rectify the remaining gaps in the AML/CFT framework have been communicated to the relevant stakeholder institutions, namely:
• Attorney General’s Department
• Sri Lanka Police
• Sri Lanka Customs
• Commission to Investigate Allegations of Bribery or Corruption
• Ministry of Justice
• Ministry of Defence
• Ministry of Foreign Affairs
• Ministry of Finance
• Department of the Registrar of Companies
• Inland Revenue Department
• Department of Excise
• Legal Draftsman’s Department
• Registrar General’s Department
• Securities and Exchange Commission of Sri Lanka
• Insurance Regulatory Commission of Sri Lanka
• Construction Industry Development Authority
• National Gem and Jewellery Authority
• National Secretariat for Non-Governmental Organizations
• Department of Import and Export Control
An AML/CFT Task Force was initially established in 2023 with the concurrence of the Cabinet of Ministers to monitor and follow up on the implementation of the aforesaid institution-wise Action Plans.
The AML/CFT Task Force has now been reconstituted with high-level ministerial representation under the directions of H.E. the President, ensuring the government’s support for this process and in alignment with its efforts to fight corruption in Sri Lanka.
The members of this high-level AML/CFT Task Force are:
1. Hon. Justice Buwaneka Aluwihare, PC – Retired Judge of the Supreme Court (Chairman)
2. Hon. Harshana Nanayakkara – Minister of Justice
3. Hon. (Prof.) Anil Jayantha Fernando – Minister of Labour and Deputy Minister of Economic Development
4. Hon. (Dr.) Harshana Suriyapperuma – Deputy Minister of Finance and Planning
5. Mrs. Nelumani Daulagala – Senior Deputy Governor, Central Bank of Sri Lanka
6. Mr. A. K. D. D. D. Arandara – Additional Director General, Ministry of Finance, Planning, and Economic Development
At its first meeting on 29.01.2025, the Chairman and the members of the Task Force highlighted the strategic importance of the Mutual Evaluation and requested the full cooperation and coordinated assistance of each stakeholder institution to successfully face this crucial assessment. (Newswire)