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.