FIU and Excise Dept Partner to Tackle Money Laundering, Terrorist Financing in Sri Lanka

COLOMBO (News 1st); The Financial Intelligence Unit (FIU) of Sri Lanka and the Excise Department of Sri Lanka signed a Memorandum of Understanding (MOU) at the Central Bank of Sri Lanka (CBSL) to collaborate on tackling money laundering, terrorist financing, and other related crimes.

This agreement, under the provisions of the Financial Transactions Reporting Act No. 6 of 2006 (FTRA), strengthens information sharing between the two institutions for investigations and prosecutions. 

J M S N Jayasinghe, Commissioner General of Excise, and E H Mohotty, the Director of the FIU, signed the MOU in the presence of Dr. P Nandalal Weerasinghe, Governor of the CBSL and Chairman of the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) National Coordinating Committee.

Since 2008, the FIU has signed 44 MOUs with international counterparts and 11 with domestic agencies, including Sri Lanka Customs, Immigration, Inland Revenue, and Police.

This proactive approach reinforces Sri Lanka's commitment to building a robust Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) framework.

This collaborative effort between the FIU and Excise Department signifies a crucial step towards safeguarding Sri Lanka's financial system and contributing to global efforts against financial crime.