Sri Lanka removed from European Union’s money laundering list

13 May 2020 10:41 am - 0     - {{hitsCtrl.values.hits}}

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  • CB cites it a result of a time-bound action plan implemented to address identified strategic deficiencies 
  • FATF de-listing to strengthen country’s economic outlook and financial integrity 

 

Sri Lanka has been removed from a list of high-risk countries for money laundering and terror financing by the European Commission from May 07, the Central Bank (CB) said yesterday.


“The European Commission has de-listed Sri Lanka from its list of High Risk Third Countries with Anti- Money Laundering and Countering the Financing of Terrorism Strategic Deficiencies published on May 07, 2020,” a CB statement said.


The CB noted this was a result of a time-bound action plan implemented by Sri Lanka to address the strategic deficiencies identified.
The European Union listed Sri Lanka as a high-risk country in February 2018, subsequent to Sri Lanka being identified by the Financial Action Task Force (FATF) as a jurisdiction with strategic AML/CFT deficiencies in its compliance document, which is more commonly identified as “the Grey List” in October 2017.

“Since the listing by the FATF, the Financial Intelligence Unit (FIU) together with other stakeholders had taken a series of effective and tangible steps to implement the FATF Action Plan well within the given time frame and accordingly, the FATF delisted Sri Lanka from its Compliance Document (a.k.a. ‘the Grey List’) at its Plenary held during 13-18 October 2019 in Paris,” the 
CB stated. 


Following the announcement, a revised list of EU high risk third countries together with an action plan for comprehensive policy on preventing money laundering and terrorist financing is expected to be forwarded to the EU Council and Parliament for adoption. 


“It is expected that the de-listing by FATF and EU will negate the adverse consequences that prevailed during the previous two years and further strengthen the positive economic outlook and financial integrity of the country,” the 
CB opined. 

 

 

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