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RULES

Sri Lanka’s AML/CFT regime comprises of three pieces of legislations as follows.

 

  1. The Convention on the Suppression of Terrorist Financing Act, No. 25 of 2005 (CSTFA)

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CSTFA was enacted on 8th August, 2005 in order to give effect to Sri Lanka’s obligations as a signatory to the International Convention on the Suppression of Terrorist Financing adopted by the United Nations on January 10th, 2000. The Act prohibits the financing of terrorist acts, terrorists and terrorist organizations. Further the CSTFA has provisions for freezing of terrorist financing related assets and forfeiture of such assets. CSTFA has been further strengthened through the amendments brought to the act in 2011 and 2013.

 

  1. The Prevention of Money Laundering Act, No.5 of 2006 (PMLA)

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PMLA which prohibits the Money Laundering was enacted on 6th March 2006. It also sets out the necessary measures to combat money laundering such as freezing, property tracking and forfeiture of assets related to money laundering. The PMLA was further amended in 2011.

 

  1. The Financial Transactions Reporting Act, No.6 of 2006 (FTRA)

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This Act was certified on 6th March, 2006 and provides for the setting up of a FIU as a National Agency to collect data/ information relating to suspicious financial transactions to facilitate the prevention, detection, investigation and prosecution of the offence of money laundering and the financing of terrorism. It also requires mandated institutions to undertake due diligence measures to combat money laundering and the financing of terrorism.

 

  • Under the provisions of above cited three pieces of legislations following Regulations has published.

 

  1. Prevention of Terrorism (Proscription of Extremist Organizations) Regulations No. 1 of 2019.

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  1. Order under regulation 75(1) of the Emergency (Miscellaneous Provisions and Powers) Regulations No. 1 of 2019

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  1. Suspicious Transactions (Format) Regulations of 2017

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  1. Financial Transactions Reporting Regulations No. 1 of 2008

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  1. Financial Transactions Reporting Regulations No. 1 of 2006 Repealed

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  1. Order on Designation of the Financial Intelligence Unit

 

  • RULES & DIRECTIONS.

 

YEAR 2020

 

Direction No; 01/2020 – Contacting compliance officials during weekends/ Public and Bank holidays

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YEAR 2018

 

Designated Non-Finance Business (Customer Due Diligence) Rules, No. 1 of 2018. – Extraordinary Gazette No 2053/20, January 10 of 2018

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