High-Level Task Force to Combat Money Laundering in Sri Lanka

High-Level Task Force to Combat Money Laundering in Sri Lanka

News Today: Sri Lanka has appointed a High-Level AML/CFT Task Force for its Third Mutual Evaluation.

A High-Level Task Force on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) has been appointed to oversee Sri Lanka’s Third Mutual Evaluation on AML/CFT, according to the Central Bank of Sri Lanka.

Task Force Members and Responsibilities

The Task Force, chaired by Justice Buwaneka Aluwihare, PC, Retired Supreme Court Judge, includes key government officials:

  • Justice Minister Harshana Nanayakkara
  • Labour & Economic Development Minister Prof. Anil Jayantha Fernando
  • Deputy Finance Minister Dr. Harshana Suriyapperuma
  • Central Bank Senior Deputy Governor Nelumani Daulagala
  • Finance Ministry Additional Director General A. K. D. Arandara

Sri Lanka’s Third Mutual Evaluation on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), coordinated by the Asia Pacific Group on Money Laundering (APG), is scheduled to begin soon.

Global Compliance and Action Plans

During this evaluation, Sri Lanka must demonstrate Technical Compliance with the 40 Recommendations of the Financial Action Task Force (FATF) and their implementation across 11 Immediate Outcomes.

To ensure compliance, the Cabinet of Ministers has approved institution-specific Action Plans involving key agencies, including:

  • Attorney General’s Department
  • Sri Lanka Police, Customs, and Inland Revenue Department
  • Commission to Investigate Allegations of Bribery or Corruption
  • Securities and Exchange Commission of Sri Lanka
  • Insurance Regulatory Commission of Sri Lanka

The AML/CFT Task Force, initially formed in 2023, has now been restructured under the President’s directives to enhance Sri Lanka’s anti-corruption measures.

At its first meeting on January 29, 2025, the Task Force emphasized the strategic importance of the Mutual Evaluation and urged full cooperation from all stakeholders. This initiative is crucial in strengthening Sri Lanka’s financial integrity and preventing money laundering and terrorist financing.