Financial Crime World

Financial Intelligence Unit (FIU) of Sri Lanka: January-February 2024 Updates

Workshops and Training

The Financial Intelligence Unit (FIU) of Sri Lanka has been actively engaging in various workshops and training programs to enhance the knowledge and skills of its stakeholders.

Workshop on Terrorism Financing (ML/TF) Risk Assessments

  • Conducted by Dr. Ramandeep Chhina, an ADB-sponsored subject expert, in collaboration with the FIU.
  • The workshop consisted of two main sessions: Online Workshop for Gap Analysis and On-site Workshop and Meetings.
  • 19 domestic banks participated in the workshop, which was held from January 10-16 and January 29-February 2.

Training Programs

The FIU has been collaborating with international organizations to provide training programs to investigators from Sri Lanka Police.

Advanced Cybercrime Investigation Course

  • Conducted by the International Criminal Investigative Training Assistance Program of the United States Department of Justice.
  • The course focused on Cyber Crime Investigations & Forensics and advanced technologies of Cryptocurrency analysis.
  • Investigators from the Sri Lanka Police, including officers from the Cybercrime Investigation Division and the Children & Women Bureau, participated in the event.

Awareness Sessions

The FIU has been conducting awareness sessions for Competent Authority and Intelligence Agencies to enhance precision of domestic designations through effective information exchange with DRP and DIE.

Session on Effective Information Exchange

  • Conducted by the FIU on December 20, 2023.
  • The session aimed to enhance precision of domestic designations through effective information exchange with DRP and DIE.

Key Updates

Sri Lanka is gearing up for its third mutual evaluation on AML/CFT framework, scheduled to commence in March 2025. The country will be assessed against the FATF recommendations and effectiveness of its AML/CFT framework under the FATF Immediate Outcomes.

Third Mutual Evaluation

  • Scheduled to commence in March 2025.
  • The country will be assessed against the FATF recommendations and effectiveness of its AML/CFT framework under the FATF Immediate Outcomes.

Upcoming Initiatives

The FIU aims to establish an inter-regulatory body under the AML/CFT National Coordinating Committee to enhance collaboration and information sharing among regulatory authorities. The FIU also plans to initiate strategic analysis through the ‘goAML’ online reporting and analyzing system.

Inter-Regulatory Body

  • To be established under the AML/CFT National Coordinating Committee.
  • Aimed at enhancing collaboration and information sharing among regulatory authorities.

Strategic Analysis through goAML

  • The FIU plans to initiate strategic analysis through the ‘goAML’ online reporting and analyzing system.