Sri Lanka Money Laundering LawIn response to recommendations of the Financial Action Task Force (FATF), Sri Lanka enacted three money laundering laws in 2005 and 2006, and the Central Bank of Sri Lanka created a Financial Investigation Unit to counter money laundering. Individuals and organizations are required to verify the identity of clients and report suspicious transactions. Concerns remain about the implementation costs of this law.
The following questions have been addressed in this article:What are the objectives of the Convention on the Suppression of Terrorist Financing Act (CSTFA) and The Prevention of Money Laundering Act (PMLA)?
What is the objective of the Financial Transactions Reporting Act (FTRA)?
What penalties can be imposed under the FTRA?
Have the powers under the CSFTA been exercised?
Do due diligence obligations under the FTRA only apply to banks?