Sri Lanka is preparing for its third Mutual Evaluation on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) coordinated by the Asia Pacific Group on Money Laundering (APG).
The evaluation will require the country to demonstrate compliance with the 40 recommendations of the Financial Action Task Force (FATF) and show effective implementation through 11 Immediate Outcomes.
To address remaining gaps in the AML/CFT framework, the Cabinet of Ministers has approved action plans involving key institutions, including the Attorney General’s Department, Sri Lanka Police, Customs, the Ministry of Justice, and financial regulatory bodies, among others. These stakeholders have been tasked with implementing institution-specific measures to enhance compliance.
A reconstituted high-level AML/CFT Task Force, chaired by retired Supreme Court Justice Buwaneka Aluwihare, PC, now oversees the process. Members include Justice Minister Harshana Nanayakkara, Labour Minister Prof. Anil Jayantha Fernando, Deputy Finance Minister Dr. Harshana Suriyapperuma, and senior officials from the Central Bank and Ministry of Finance.
During the Task Force’s first meeting on January 29, 2025, the Chairman emphasized the strategic importance of the evaluation and urged full cooperation from all stakeholders to ensure Sri Lanka’s successful assessment and continued efforts to combat corruption and financial crimes.
