MOU between Sri Lanka and Malaysia to investigate money laundering

[Thursday, February 07, 2008 - 06.45 GMT]  

The Financial Intelligence Unit of the Central Bank of Sri Lanka (CBSL) recently signed a Memorandum of Understanding with the Financial Intelligence Unit of the Central Bank of Malaysia i.e. Bank Negara for the exchange of information to facilitate the investigation and prosecution of persons suspected of money laundering or financing of terrorism, a Central Bank press release said.

Financial Intelligence Units (FIUs), have been established by many countries as dedicated institutions to collect, analyse and disseminate financial information from mandated institutions to combat money laundering and terrorist financing operations conducted through the financial systems.

In Sri Lanka the FIU was established in 2006, under the Financial Transactions Reporting Act No.6 of 2006 with regulatory powers to formulate policies and guideline to meet the recommendations of the Financial Actions Task Force initiated by the G7 countries on Anti-Money Laundering and Combating Financing of Terrorism.