In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with the Department of Immigration and Emigration on September 27, 2016 at the Central Bank of Sri Lanka to receive information in order to facilitate investigations and prosecutions on money laundering and terrorist financing. Mr. M. N. Ranasinghe, Controller General, Department of Immigration and Emigration and Mr. H. Amarathunga, Director, FIU signed the MOU on behalf of the respective institutions in the presence of Dr. Indrajit Coomaraswamy, the Governor of the Central Bank of Sri Lanka, who is also the Chairman of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) National Coordinating Committee.
Money laundering and terrorist financing are internationally connected financial crimes which could threaten the stability of global economic and financial system. Further, with the expansion of cross-border movements of people and goods, money laundering and terrorist financing activities are becoming increasingly sophisticated and difficult to detect. Thus, domestic coordination and cooperation between the FIU and the Department of Immigration and Emigration helps deepen Sri Lanka’s efforts of preventing and combating illicit cross-border movements of people or goods and establish a strong border control system in the country.
The FIU has already entered into a similar MOU with Sri Lanka Customs, while arrangements are being made to sign MOUs with other relevant domestic government agencies for the above purpose soon.