A workshop on ‘Enforcing Anti Money Laundering
Laws’, jointly sponsored by the Central Bank of Sri Lanka and
the US Treasury, was held on February 9-10, at the Center for
Banking Studies, Rajagiriya.
The resource persons for the seminar were
Ms.Mary Jo Melancon of the Financial Crimes Enforcement Network,
(FinCEN) of the United States and Mr. William. Gilligan and Mr.
Eric. Stonecipher of the US Treasury, who have wide experience
on this subject.
The sessions arranged for the reporting officers
of the licensed specialized banks and other financial
institutions including primary dealers on February 09, covered
all aspects of relating to Know Your Customer Principles and
Need for Due Diligence, in respect of transactions of banking
and non–banking institutions.
The workshop held on the February 10, was
inaugurated by Dr.Ranee Jayamaha Deputy Governor of the Central
Bank and was attended by Mr.Suhada Gamalath the Secretary
Ministry of Justice and Legal Reforms, Officers from the
Attorney General’s Department, Police Department, Inland Revenue
Department and Customs Department. Central Bank, Securities &
Exchange Commission, Ministry of Justice, Ministry of Foreign
Affairs, Ministry of Finance, Legal Draftsman’s Department.
At this session the need for the enactment of
Anti Money Laundering Laws, the regulatory aspects and the
duties of investigation units of anti-money laundering
enforcement agencies, were discussed in detail
The provisions that should be included in the
draft legislation on Prevention of Money Laundering and
Financial Transactions Reporting were also reviewed. The US
treasury Officials expressed the view that Financial Crimes
Enforcement Network of the US Government has facilities to
assist other Governments, in AntiMoney Laundering and Combating
the Financing of Terrorism matters including the strengthening
of financial sector supervision in detecting suspicious
transactions and the setting up a effective financial
intelligence unit.
The need for prevention of Money Laundering and
the detection of financing of terrorism in the global scenario
were highlighted.
The US delegation discussed the recommendations
made by the Financial Action Task Force (FATF) for combating
Money Laundering and Terrorist Financing and the consequent
urgency for Sri Lanka to enact legislation in compliance of the
FATF recommendations and the effective implementation of such
measures.
