Enhancing Financial Crime Investigations in Sri Lanka
The Financial Intelligence Unit (FIU) of Sri Lanka, in collaboration with the Asian Development Bank (ADB), has been working to improve financial crime investigations in the country. In this article, we will explore some of the key initiatives taken by the FIU and its partners.
Financial Crime Investigations - AML/TF Risk Assessments Workshop
In January-February 2024, the FIU conducted a workshop on “Financial Crime Investigations - AML/TF Risk Assessments” for compliance staff of domestic banks in Sri Lanka. The workshop was organized by the Trade and Supply Chain Finance Programme of the ADB, in association with the FIU.
Workshop Objectives
The objectives of the workshop were:
- To conduct a gap analysis to identify areas where financial institutions can improve their anti-money laundering (AML) and combating the financing of terrorism (CFT) risk assessments
- To provide training on how to conduct effective AML/CFT risk assessments
- To enhance collaboration between financial institutions and regulatory bodies in identifying and mitigating AML/CFT risks
Workshop Participants
A total of 19 domestic banks participated in the workshop, which was held at the Center for Banking Studies, Rajagiriya. The banks were clustered into three focus groups - small banks, medium banks, and large banks - according to their asset bases.
Advanced Cybercrime Investigation Course
In December 2023, the International Criminal Investigative Training Assistance Program (ICITAP) conducted an advanced cybercrime investigation course for the Sri Lankan Police in collaboration with the Financial Intelligence Unit of Sri Lanka. The course was attended by 70 police officers who are part of the specialized unit dedicated to investigating cybercrimes.
Awareness Session for Competent Authority
On December 20, 2023, the FIU conducted an awareness session for the Competent Authority (represented by the Chief of National Intelligence) and various intelligence agencies. The interactive session aimed at enhancing precision of domestic designations through effective information exchange with the Department of Registration of Persons and the Department of Immigration and Emigration.
Future Initiatives
The FIU aims to initiate strategic analysis through the ‘goAML’ online reporting and analyzing system. It also plans to enhance coverage of reporting institutions and conduct on-site examinations/off-site reviews of Financial Institutions and Designated Non-Finance Businesses and Professions with a risk-based approach.
Key Takeaways
- The Financial Intelligence Unit (FIU) of Sri Lanka is working to improve financial crime investigations in the country through various initiatives.
- A workshop on “Financial Crime Investigations - AML/TF Risk Assessments” was conducted for compliance staff of domestic banks in January-February 2024.
- An advanced cybercrime investigation course was conducted for the Sri Lankan Police in December 2023.
- The FIU aims to initiate strategic analysis through the ‘goAML’ online reporting and analyzing system.