Sri Lanka’s Financial Intelligence Unit said Friday the country’s parliament amended the country’s laws governing money laundering and preventing the financing of terrorism.
The objective in passing the bills, the unit said in a statement (pdf), was to bring the country’s laws in line with the recommendations promulgated by the Financial Action Task Force, an international body that recommends ways to prevent money laundering and terrorism financing, which takes the acronym AML/CFT.
“With the amendments, Sri Lanka’s AML/CFT regime is now fully compliant with the international standards,” the intelligence unit said in the statement.
The FATF had said in June that Sri Lanka did “not made sufficient progress in implementing its action plan” despite assurances the country was committed to fixing its AML/CFT regime.
