Sri Lanka tightens anti-money laundering, financial transactions reporting laws
COLOMBO – Sri Lanka’s Parliament has passed amendments to the Prevention of Money Laundering Act, Financial Transactions Reporting Act, and Convention on the Suppression of Terrorist Financing Act.
The Prevention of Money Laundering (Amendment) Bill was passed with the required special majority in respect of Clause 14, in accordance with the determination of the Supreme Court.
This authorizes authorities to freeze secondary assets linked to a primary target. The amendment inserts Section 12A, permitting law enforcement to freeze these assets without immediate judicial authorization for 14 working days to combat asset concealment.
The Financial Transactions Reporting (Amendment) Bill was passed, with amendments, without a division.
The Convention on the Suppression of Terrorist Financing (Amendment) Bill was passed without amendments and without a division.
The bills seek to strengthen the country’s legal framework for preventing money laundering, terrorist financing, and financial crimes, in line with international standards.
They are also intended to increase the transparency of the financial system and improve the efficiency of the regulatory framework governing financial transactions.
-economynext.com
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