Mon, 05 Dec 2022 Today's Paper

Many Acts for terrorism

20 June 2011 12:35 am - 10     - {{hitsCtrl.values.hits}}

A A A

As part of plans to seize the LTTE’s overseas assets and cripple its fund raising activities, the government had decided to strengthen the legal framework by amending the Financial Transaction Act, the Money Laundering Act and the Prevention of Terrorism Financing Act.

A top official of the Central Bank told Daily Mirror on condition of   anonymity that the amended versions of these pieces of legislations were still pending approval by the Attorney General’s Department.

Once approval was given, he said, the bill would be presented in Parliament to be debated and enacted by the political parties.

“When these Acts were introduced a few years ago, the situation was different. Now, we have to do a lot more activities in dealing with suspicious transactions, mostly by terrorist groups. Therefore, these Acts have to be amendment.  The Central Bank has done the needful. We are awaiting approval by the Legal Draftsman’s Department,” he said.

The Financial Action Task Force (FATF) which is an international organization promoting policies for the combating of money laundering and terrorist financing, has assisted the Central Bank in this regard after a review of the situation.

The FATF is a "policy-making body" which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

According its website, the FATF monitors members' progress in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally. In performing these activities, the FATF collaborates with other international bodies involved in combating money laundering and the financing of terrorism.

The FATF does not have a tightly defined constitution or an unlimited life span. The Task Force reviews its mission every five years. The FATF has been in existence since 1989. In 2004, Ministry representatives from the 35 FATF members agreed to extend the mandate of the Task Force until 2012.

Also, the Central Bank of Sri Lanka has signed Memorandum of Understandings (MoU) with 12 countries to combat terrorist financing and money laundering. Among them, agreements were signed last year with   Australia, Belgium, India, Bangladesh and Solomon Islands. (KB)

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 10

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka
  • C.K.Lankaputhra Monday, 20 June 2011 12:33 AM

    Is KP not affected?

    IFM Monday, 20 June 2011 12:58 AM

    what about kp money,

    Bumba Monday, 20 June 2011 01:37 AM

    Would be a problem for PK and his handlers!!!

    markus gabriel Monday, 20 June 2011 02:32 AM

    very good move

    markus gabriel Monday, 20 June 2011 02:33 AM

    very good move,as terrorism should be wipe out from this planet

    toejoe Monday, 20 June 2011 04:06 AM

    Begin at Sethsiripaya

    EPF Monday, 20 June 2011 06:22 AM

    Future prospects. Not for gambling.

    Ranjo Monday, 20 June 2011 08:31 AM

    Okay - can someone ask the government whatever happened to money and jewellery ceased in the LTTE compounds?

    Calistus Jayatilleke Monday, 20 June 2011 01:50 PM

    Why not make a start with KP?

    THAMASH Monday, 20 June 2011 11:22 PM

    AGIN, AT THE MOVEMENT NEED A PROPPAGANDA.
    HOW MUCH MONEY GOING TO BE WASTE.


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

She said/He said

Much has been written and said in the last few days since the news was releas

POLICE ON TRIAL: Exercising Authority without Accountability

Although armed with the power of the State and empowered to use force against

Downfall and death of LTTE’s Mahathaya

The Liberation Tigers of Tamil Eelam (LTTE) ceased to exist as a functioning

Rishi Sunak; why SL did not have a Tamil or Muslim as President?

Britain now has a British Asian, Hindu Prime Minister, though Rishi Sunak is