https://economynext.com/sri-lanka-cb-to-monitor-ngos-for-money-laundering-terrorism-financing-crimes-186458/

ECONOMYNEXT – Sri Lanka’s Central Bank signed an agreement to obtain and exchange information on investigations and prosecutions of Money Laundering (ML), Terrorist Financing (TF) and related crimes in Non-Governmental Organizations (NGO) and of any persons connected with such bodies.

The Central Bank’s Financial Intelligence Unit (FIU) and the National Secretariat for NGOs entered into the Memorandum of Understanding (MOU) on Monday (04) with this regard, the Central Bank said.

“Non-Governmental Organizations (NGOs) could be misused for Money Laundering/Terrorism Financing and related crimes, and thereby could threaten the stability of the national and global economic and financial systems,” the Central Bank said in a statement.

The National Secretariat for NGOs is responsible for registering NGOs, monitoring the activities of all the NGOs, providing facilities, and taking action against any misconduct.

“This MOU will facilitate National Secretariat for Non-Governmental Organizations to exchange information with the FIU relating to any incident, investigation or prosecution stemming from the activities carried out by the National Secretariat or on any person connected to such activity, which will be an important aspect in prevention, detection and prosecution of Money Laundering/Terrorism Financing and related crimes,” the Central Bank said.

The MOU was signed between Sanjeewa Wimalagunarathna, Director General and the Registrar of the National Secretariat for NGOs and Subhani Keerthiratne, the Director of the FIU on behalf of the respective institutions.

The MOU was signed in the presence of Central Bank Governor Nandalal Weerasinghe in his capacity as the Chairman of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Coordinating Committee.

With the signing of the latest MOU, the FIU has entered into 16 MOUs with domestic government agencies, including Sri Lanka Customs, Police, Department of Immigration and Emigration, Inland Revenue Department, Department for Registration of Persons, Excise Department, Commission to Investigate Allegations of Bribery or Corruption, Registrar General’s Department to share information to strengthen the AML/CFT framework of the country.

The FIU has entered into 45 MOUs with foreign counterparts, the central bank said.