Sri Lanka revamps AML/CFT task force to tackle corruption

The anti-money laundering and countering the financing of terrorism (AML/CFT) task force has been reconstituted with high-level ministerial representation to fight corruption in Sri Lanka, the Central Bank of Sri Lanka (CBSL) announced yesterday.

The task force had its first meeting on January 29, where the chairman and members highlighted the strategic importance of the mutual evaluation and requested the full cooperation and coordinated assistance of each stakeholder institution to successfully face this crucial assessment. 

According to the CBSL, Sri Lanka’s third mutual evaluation on the AML/CFT framework, coordinated by the Asia Pacific Group on Money Laundering, is set to take place in the near future. 

During this upcoming mutual evaluation, Sri Lanka is required to demonstrate technical compliance with the 40 Recommendations of the Financial Action Task Force (the global policy setter on AML/CFT) and their effective implementation through 11 Immediate Outcomes.

For the effective implementation of the action plans approved by the Cabinet of Ministers, the actions to rectify the remaining gaps in the AML/CFT framework have been communicated to the relevant stakeholder institutions.

The institutions are Attorney General’s Department, Sri Lanka Police, Sri Lanka Customs, Commission to Investigate Allegations of Bribery or Corruption, Justice Ministry, Defence Ministry, Foreign Affairs Ministry, Finance Ministry, Registrar of Companies Department, Inland Revenue Department, Excise Department, Legal Draftsman’s Department, Registrar General’s Department, Securities and Exchange Commission of Sri Lanka, Insurance Regulatory Commission of Sri Lanka, Construction Industry Development Authority, National Gem and Jewellery Authority, National Secretariat for Non-Governmental Organisations and Import and Export Control Department. 

An AML/CFT task force was initially established in 2023, with the concurrence of the Cabinet of Ministers, to monitor and follow-up the implementation of the aforesaid institution-wise action plans.

Members of high-level AML/CFT task force 

• Justice Buwaneka Aluwihare, PC – Retired Judge of Supreme Court (Chairman)
• Harshana Nanayakkara – Justice Minister
• Prof. Anil Jayantha Fernando – Labour Minister and Economic Development Deputy Minister
• Dr. Harshana Suriyapperuma – Finance and Planning Deputy Minister 
• Nelumani Daulagala – Central Bank of Sri Lanka Senior Deputy Governor 
• A.K.D.D.D. Arandara – Finance, Planning and Economic Development Ministry Additional Director General