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Aug 21, 2017

Sri Lanka becomes 25th in anti money laundering index

Sri Lanka has been ranked 25th among the riskiest countries in terms of money laundering and "terrorist" financing, according to a study by a Swiss group.

It was ranked 23rd last year and the country’s risk has come down two notches this year.

Iran, Afghanistan and Guinea-Bissau are the riskiest countries in terms of money laundering and "terrorist" financing.

Sub-Saharan Africa had the lowest performance in the latest index, with five countries in the list of the 10 riskiest.

146 countries have been assessed on how vulnerable they are to financial risk, by the Basel Institute of Governance, which works with the public and private sector to counter corruption, released its annual Anti Money Laundering (AML) index last Friday.

"The Basel AML Index measures the risk of money laundering and terrorist financing of countries based on publicly available sources," the report released by the institute .revealed.

As there are no quantitative data available, the Basel AML Index does not measure the actual existence of money laundering activity or amount of illicit financial money within a country but is designed to indicate the risk level, the report said.

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