Written by Staff Writer
15 Feb, 2019 | 12:13 pm
COLOMBO (News 1st) – The European Union Commission has included Sri Lanka in a new list of 23 countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks.
The aim of this list is to protect the EU financial system by preventing money laundering and terrorist financing risks.
As a result of the listing, banks and other entities covered by EU anti-money laundering rules will be required to apply increased checks on financial operations involving customers and financial institutions from these high-risk countries, to identify any suspicious money flows.
The list has been established on the basis of an analysis of 54 priority jurisdictions, which was prepared by the Commission in consultation with the member states.
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