Cabinet Approves 2023-2028 National Policy to Combat Money Laundering and Terrorism Financing
In a significant move aimed at curbing money laundering, terrorism financing, and illicit activities, the Cabinet of Ministers has granted approval to the Anti-Money Laundering and Countering the Financing of Terrorism National Policy for the years 2023 to 2028.
The Cabinet Paper outlining this pivotal policy was presented by President Ranil Wickremesinghe, who holds the portfolio of Finance, Economic Stabilization, and National Policies Minister.
This decision by the Cabinet sets the stage for the execution of strategic action plans, which delineate the responsibilities of respective institutions. These plans are designed to address identified vulnerabilities and enhance Sri Lanka’s capabilities in the prevention of money laundering and the combatting of terrorism financing.
The Financial Action Task Force (FATF), an intergovernmental entity that establishes global benchmarks to prevent money laundering and terrorist financing, has put forth 40 recommendations intended for adoption by all nations.
In line with this framework, the Asia Pacific Regional Group on Money Laundering, an arm of the FATF, is actively evaluating Sri Lanka’s adherence to these recommendations. A crucial development is the imminent commencement of the third mutual evaluation of Sri Lanka by the Asia Pacific Regional Group on Money Laundering, scheduled to commence in March 2025. This evaluation process will provide a comprehensive assessment of Sri Lanka’s progress and compliance in this critical domain.
