This commitment requires Sri Lanka to ensure compliance with UNCAC. Compliance status of the mandatory provisions are as follows:
Article 58- Financial intelligence unit
No compliance update present
Cooperate with one another to prevent and combat the transfer of proceeds of offences established under UNCAC and of promoting ways and means of recovering such proceeds.
Financial Intelligence Unit (FIU), Special Presidential Task Force on Recovery of State Assets (START)
• The Financial Transactions Reporting Act, No. 6 of 2006 established the Financial Intelligence Unit as the main supervisory authority for suspicious financial transactions.
• The main objective of establishing the Unit was “to combat money laundering, terrorist financing and other related crimes in Sri Lanka in line with international recommendations and standards.”
• The powers and functions of the Unit is detailed under Part III of the Financial Transactions Reporting Act No. 6 of 2006. Section 17 empowers the Financial Intelligence Unit to enter into agreements with foreign stakeholders (e.g. foreign law enforcement bodies, international organizations)
• Sri Lanka is a member of the Egmont Group.
• Bribery offences are covered as predicate offences for prevention of money laundering and are also covered as “unlawful activity” under the Financial Transactions Reporting Act No. 6 of 2006.
• A law on proceeds of crime is being developed.
Link to Egmont Group https://egmontgroup.org/en/membership/list
Link to Financial Transactions Reporting Act http://www.fiusrilanka.gov.lk/docs/ACTs/FTRA/Financial_Transactions_Reporting_Act_2006-6_(English).pdf
Link to Memorandum of Understandings of Financial Intelligence Unit http://fiusrilanka.gov.lk/mous.html
Link to Country Review Report under the Second Review Cycle http://www.unodc.org/documents/treaties/UNCAC/CountryVisitFinalReports/2018_09_03_Sri_Lanka_Final_Country_Report.pdf
Link to Statement made by Presidential Taskforce on Asset Recovery on 9th November 2017 https://www.ciaboc.gov.lk/media-centre/international-relations/377-statement-made-by-mr-j-c-weliamuna-pc-chairman-presidential-taskforce-on-asset-recovery-on-9th-november-2017