The Financial Intelligence Unit of the Central Bank (FIU) recently signed a Memorandum of Understanding (MOU) with Anti – Money Laundering Department of Central Bank of Bangladesh (FIU Bangladesh) to share financial information to facilitate investigation and prosecution of persons suspected of money laundering and terrorist financing.

Money laundering and terrorist financing are often internationally connected activities. Therefore, Financial Intelligence Authorities also need to be internationally organized to fight against these criminal activities. Hence there is a need for the FIUs to co-operate with each other to exchange information. MOUs will therefore, facilitate greater co-operation and co-ordination among the FIUs in the exchange of information, the Central Bank said.

It also said the FIU-Sri Lanka has already entered into MOUs with 11 jurisdictions, i.e. Australia, India, Belgium, Malaysia, South Korea, Indonesia, Philippines, Afghanistan, Nepal, Cambodia and Solomon Islands. Arrangements are currently being made to sign similar MOUs with Japan, Canada and South Africa in due course, the Bank adds.