A special discussion on Sri Lanka’s Third Mutual Evaluation of compliance with international standards on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) was held under the patronage of President Anura Kumara Dissanayake at the Presidential Secretariat.
The President emphasised that the active contribution of all public and private sector institutions is essential to successfully complete this third evaluation process, which is crucial to ensuring Sri Lanka’s credibility within the international financial system.
The Mutual Evaluation will assess technical compliance with the 40 Recommendations introduced by the Financial Action Task Force (FATF), as well as the effectiveness of their implementation, measured against 11 Immediate Outcomes.
The on-site visit by the evaluation team is scheduled to take place this year. Accordingly, the President highlighted the need to systematically implement the relevant recommendations over the next few months and noted that the process could be successfully completed through effective coordination among all institutions.
Officials of the Central Bank of Sri Lanka stated that the country had been preparing for this evaluation process since 2023 and that preparations had been intensified over the past two years, with strict timelines being imposed.
This is a national-level assessment conducted by the Asia/Pacific Group on Money Laundering. Approximately 25 stakeholder government institutions are involved in the process domestically, while coordination is carried out by the Financial Intelligence Unit established within the Central Bank of Sri Lanka.
The Task Force on Anti-Money Laundering and Countering the Financing of Terrorism, appointed by the President, monitors the progress of the action plans to be implemented by the relevant stakeholders as part of the evaluation process.
Accordingly, the meeting reviewed progress in implementing the relevant recommendations and action plan at ministerial and institutional levels. Attention was also focused on issues that have arisen during implementation and the measures required to resolve them expeditiously.
The President also inquired into the measures taken to curb online gambling and the current status of the enactment of relevant legislation.
The President further reviewed progress in establishing the Authority for the Management of Proceeds of Crime and stressed the need to ensure that the Authority operates effectively. Officials stated that the establishment of the Authority has now been completed and that staff recruitment is currently under way.
Deputy Minister of Digital Economy Eranga Weeraratne; Governor of the Central Bank of Sri Lanka Dr Nandalal Weerasinghe; Secretary to the Ministry of Finance, Planning and Economic Development Dr Harshana Suriyapperuma; Secretary to the Ministry of Defence, retired Air Vice Marshal Sampath Thuyacontha; Ministry Secretaries; Attorney General Parinda Ranasinghe; Inspector General of Police Priyantha Weerasooriya; Chief of National Intelligence Major General Nalinda Niyangoda; and heads of relevant institutions, including the Commission to Investigate Allegations of Bribery or Corruption and the Legal Draftsman’s Department, were also present.
