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National Policy on Anti-Money laundering & countering financing of terrorism

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Financial Intelligence Unit established as per the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 and operating as a department of the Central Bank enforces provisions to prevent money laundering, financing of terrorism and other illegal activities as defined in the Act.

The Financial Action Task Force is the intergovernmental body that sets international standards to prevent money laundering and terrorist financing.

The Financial Action Task Force has introduced 40 recommendations to be implemented by all countries.

Accordingly, the Asia Pacific Regional Group on Money Laundering, the regional body of the Financial Action Task Force, is evaluating whether Sri Lanka is complying with the recommendations of the Financial Action Task Force.

The 3rd mutual evaluation of Sri Lanka conducted by that Asia Pacific Regional Group on Money Laundering is scheduled to start from March 2025.

Accordingly the Cabinet of Ministers approved the proposal presented by the President in his capacity as the Minister of Finance, Economic Stabilization and National policies to implement the Anti-Money Laundering and Countering the Financing of Terrorism National Policy for 2023-2028 in order to ensure the situation in Sri Lanka and to implement action plans that include the tasks to be performed by the respective institutions as a solution to the identified weaknesses in preventing money laundering and combating the financing of terrorism.

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Cabinet decision to suspend ‘Parate Executions’

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All Parate Executions have been suspended until Dec. 15, as per a Cabinet decision made today (26 Feb.).

The relevant proposal was furnished by President Ranil Wickremesinghe, in his capacity as the Minister of Finance, following a request made by Justice Minister Wijeyadasa Rajapakshe, and Minister of Industries Ramesh Pathirana.

Accordingly, the relevant amendments are due to be presented before the Parliament soon.

State Minister of Finance Ranjith Siyambalapitiya had informed Parliament last week that steps will be taken to suspend the powers of the ‘Parate execution’ law for a certain period for the purpose of protecting the small and medium-scale entrepreneurs (SMEs).

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Parate execution law to be suspended: Siyambalapitiya

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Deshabandu Tennakoon appointed as IGP

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Deshabandu Tennakoon has been appointed as 36th Inspector General of Police in Sri Lanka.

President’s Secretary, Saman Ekanayake had handed over his appointment letter earlier today afternoon (Feb. 26).

Since Nov. 29, 2023, Tennakoon served as the Acting IGP. Deshabandu Tennakoon joined the police service in 1998 as an Assistant Superintendent of Police.

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Palestinian PM resigns

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Palestinian Prime Minister Mohammad Shtayyeh has announced the resignation of his government, which rules parts of the occupied West Bank, due to the escalating violence in the occupied territory and the war on Gaza.

“The decision to resign came in light of the unprecedented escalation in the West Bank and Jerusalem and the war, genocide and starvation in the Gaza Strip,” said Shtayyeh, who submitted his resignation to Palestinian Authority (PA) President Mahmoud Abbas on Monday.

“I see that the next stage and its challenges require new governmental and political arrangements that take into account the new reality in Gaza and the need for a Palestinian-Palestinian consensus based on Palestinian unity and the extension of unity of authority over the land of Palestine,” he said.

Shtayyeh’s comments come as US pressure grows on Abbas to shake up the PA and begin work on a political structure that can govern a Palestinian state following the war.

However, Israeli Prime Minister Benjamin Netanyahu has on numerous occasions rejected calls for the PA under Abbas to take control of a Palestinian state and govern Gaza.

Last week, Israeli lawmakers backed Netanyahu’s rejection of any “unilateral” recognition of a Palestinian state.

“The Knesset came together in an overwhelming majority against the attempt to impose on us the establishment of a Palestinian state, which would not only fail to bring peace but would endanger the state of Israel,” said Netanyahu.

(Aljazeera)

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