President Dissanayake Reviews Preparations for Anti-Money Laundering Assessment
On August 4th, 2026, President Anura Kumara Dissanayake convened a crucial meeting at the Presidential Secretariat to discuss Sri Lanka’s readiness for its third Mutual Evaluation on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). This evaluation is an essential step for the country as it assesses compliance with international standards laid out by the Financial Action Task Force (FATF).
Importance of Strong Coordination
During the meeting, the President emphasized the necessity for robust collaboration among public and private sector institutions to achieve a successful outcome. “This evaluation is vital for maintaining Sri Lanka’s credibility within the international financial system,” he stated, urging all relevant institutions to engage actively in the preparatory process.
The upcoming evaluation, which will focus on both technical compliance with FATF’s 40 recommendations and the effectiveness of implementing 11 immediate outcomes, has been a priority for the Sri Lankan government since 2023. According to officials from the Central Bank, efforts have intensified over the past two years to align national practices with these international benchmarks.
Timeline and Next Steps
The field assessment by the evaluation team is set to occur later this year, prompting the President to review ongoing progress related to action plans across ministries and institutions. Key challenges still remain, and the discussion covered steps being taken to address them.
Another focal point of the meeting was the government’s initiative to tackle online gambling, concerning issues of legality and regulation. The President also inquired about the status of legislation aimed at establishing the Authority for the Management of Proceeds of Crime. As per reports from officials, this authority is in the process of being set up, with recruitment for its staff currently underway.
Involvement of Multiple Institutions
The evaluation will be conducted by the Asia/Pacific Group on Money Laundering (APG), with about 25 state institutions participating in this extensive review process. To ensure seamless coordination, the Financial Intelligence Unit of the Central Bank is overseeing the entire operation, coordinating efforts across various sectors to meet FATF’s stringent requirements.
As Sri Lanka gears up for this significant evaluation, the concerted efforts of its institutions stand as a testament to the nation’s commitment to strengthening its regulatory frameworks against financial crime and enhancing its reputation on the global stage.