Chief Justice Asoka De Silva while stressing the urgent need to develop an anti-money laundering regime to detect and prevent financing of terrorists, added that Sri Lanka has been a victim of terrorist financing and suffered immensely by its consequences during the three decades of armed conflict.
Making the opening remarks – probably his final public speech before retirement in a few days’ time - at the inauguration of the three day, ‘South Asian Judges Regional Forum on Economic and Financial Crime’ in Colombo, Chief Justice De Silva emphasized that Sri Lanka has made a considerable headway in this regard in the year 2006, with the enactment of three laws, namely, The Convention on the Suppression of Terrorist Financing Act, The Prevention of Money Laundering Act and the Financial Transactions Reporting Act.
“Prior to 2006 there was no legislation to curb anti money laundering activities. However, there were certain punitive measures in existence that discouraged individuals from using financial institutions for money laundering activities. Laws such as the Exchange Control Act, Customs Ordinance and Banking Act vested power on authorities to put these measures in place,” Chief Justice De Silva said.