The Financial Intelligence Unit of the Central Bank of Sri Lanka (FIU-Sri Lanka) has entered into a Memorandum of Understanding (MOU) with the Suspicious Transaction Reporting Office of Singapore (STRO) on the basis of reciprocity and in the spirit of cooperation and mutual interest within the framework of each Authority’s national legislation.It has been done with a view 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.
In light of this, a global coordination among financial intelligence authorities is essential to fight against money laundering and terrorist financing, according to analysts.
In this regard, the FIU-Sri Lanka has so far entered into MOUs with 32 jurisdictions, including the MOU signed with the STRO for sharing information for intelligence purposes.