SL joins Singapore to fight money laundering and terrorist financing

The Financial Intelligence Unit of the Central Bank of Sri Lanka (FIU – Sri Lanka) entered into a Memorandum of Understanding (MoU) with the Suspicious Transaction Reporting Office (STRO) of Singapore.

The agreement was entered on September 1 on the basis of reciprocity and in the spirit of cooperation and mutual interest and within the framework of each authority’s national legislation, to facilitate the exchange of information related to investigations and prosecutions of money laundering and terrorist financing. 

This MoU has been entered into by the FIU – Sri Lanka in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006.

   
Money laundering and terrorist financing are internationally connected financial crimes which could threaten the stability of the global economic and financial system. 
Therefore, a global coordination among financial intelligence authorities is essential to fight against money laundering and terrorist financing.  

In this regard, the FIU - Sri Lanka has so far entered into MoUs with 32 jurisdictions, including the MoU signed with the STRO for sharing information for intelligence purposes.