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Sunday, 25 September 2016

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SL, Singapore to exchange info on financial crimes

The Financial Intelligence Unit of the Central Bank of Sri Lanka (FIU - Sri Lanka) recently entered into a Memorandum of Understanding (MOU) with the Suspicious Transaction Reporting Office of Singapore (STRO). It will be the basis of reciprocity and in the spirit of cooperation and mutual interest, within the framework of each Authority’s national legislation, to facilitate the exchange of information related to investigations and prosecutions of money laundering and terrorist financing.

The MoU has been entered into by the FIU – Sri Lanka, in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006.

Money laundering and terrorist financing are internationally connected financial crimes which could threaten the stability of global economic and financial systems.

Global coordination among financial intelligence authorities is essential to fight money laundering and terrorist financing. FIU - Sri Lanka has so far entered into MoUs with 32 jurisdictions, including the MoU with the STRO, to share information for intelligence purposes, the Central Bank said in a statement.

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