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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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Court order issued against ‘Eh Yaye’ song

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The Commercial High Court has issued an interim injunction order, preventing popular artistes Romaine Willis and Mass Ramli Miskin (DJ Mass) from performing, reproducing and distributing the song ‘Eh Yaye’.

Colombo Commercial High Court Judge Priyantha Fernando issued the order after the Plaint filed under the Intellectual Property Act by popular singer Corrine Almeida.

The case also alleges that the musical composition and the lyrics of the song ‘Eh Yaye’ were substantially similar to the song ‘Api Natamu’.

Naming Willis and DJ Mass as defendants,  the plaintiff Corrine Almeida had also stated that she is the owner of the copyright and economic rights to the musical composition and lyrics of her song titled “Api Natamu”.

The plaintiff instituted action in terms of the Intellectual Property Act, No. 36 of 2003 alleging that the musical composition and the lyrics of ‘Eh Yaye’ were substantially similar to the ‘Api Natamu’ song.

(Source : Dailymirror.lk)

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Rains expected in several areas today

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Several spells of showers will occur in the Western, Sabaragamuwa and North-western provinces and in the Nuwara-Eliya, Kandy, Galle and Matara districts today (July 02), the Department of Meteorology said.

A few showers may occur in the Jaffna and Mannar districts.

Fairly strong winds of about 30-40kmph can be expected at times over the Western slopes of the central hills and in the Northern, North-central and North-western provinces and in the Trincomalee and Hambantota districts.

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IMF Executive Board approves Sri Lanka’s 4th review

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The Executive Board of the International Monetary Fund (IMF) completed the Fourth review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw about US$350 million, said Evan Papageorgiou, IMF Mission Chief for Sri Lanka.

This brings the total IMF financial support disbursed so far to about US$1.74 billion.

“The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion). The program supports Sri Lanka’s efforts to durably restore macroeconomic stability by (i) restoring fiscal and debt sustainability while protecting the vulnerable, (ii) safeguarding price and financial sector stability, (iii) rebuilding external buffers, (iv) strengthening governance and reducing corruption vulnerabilities, and (v) enhancing growth-oriented structural reforms.”

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