The Financial Intelligence Unit (FIU) of Sri Lanka has formalized a crucial partnership with the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) through a Memorandum of Understanding (MoU). This MoU facilitates the exchange of information pivotal to investigations and prosecutions concerning money laundering, bribery, corruption, and related offenses.
The signing ceremony, chaired by Dr. P Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka and Chairman of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Coordinating Committee, saw CIABOC Commissioner Chethiya Goonasekera, PC, and Director General Kanishka Wijeratne sign on behalf of CIABOC, while FIU Director Dr. Subhani Keerthiratne represented the FIU.
Under the new Anti-Corruption Act, No. 9 of 2023, CIABOC is empowered to share pertinent information with local law enforcement and government authorities. Similarly, the FIU, operating under the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), has the mandate to establish MoUs with domestic institutions to facilitate information exchange.
This collaboration allows CIABOC and FIU to harness shared data critical for preventing, detecting, and prosecuting money laundering, bribery, corruption, and associated crimes. Since 2008, FIU has fostered international and domestic partnerships, including 44 MoUs with foreign counterparts and 13 with local agencies such as Sri Lanka Customs, Immigration and Emigration Department, Inland Revenue Department, and Sri Lanka Police, bolstering the nation's AML/CFT framework.
This MoU underscores a commitment to transparency, accountability, and the collective effort to safeguard Sri Lanka's financial system and broader integrity landscape against illicit activities.
In conclusion, the Memorandum of Understanding (MoU) between the Financial Intelligence Unit (FIU) and the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) marks a significant milestone in Sri Lanka's efforts to combat financial crimes and uphold integrity. By facilitating seamless information exchange, this partnership strengthens the country's ability to prevent, detect, and prosecute money laundering, bribery, corruption, and related offenses. With a robust framework supported by international and domestic collaborations, including numerous MoUs, both institutions are poised to enhance their effectiveness in safeguarding Sri Lanka's financial system and promoting transparency and accountability across the nation. This commitment underscores a shared dedication to fostering a corruption-free environment conducive to sustainable development and prosperity for all Sri Lankans.