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Real estate and gem dealers come under the FIU monitor

Financial Intelligence Unit (FIU) of Sri Lanka entered into Memoranda of Understanding with Condominium Management Authority(CMA) and National Gem and Jewellery Authority (NGJA) in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA).

The FIU of Sri Lanka entered into MOUs with CMA and NGJA on 28 August 2019 with the aim of outlining the process for providing information and defining the nature of the support that the FIU expects from the CMA and NGJA.

CMA and NGJA are now compelled to ensure effective implementation of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) legal obligations for condominium developers and licensed gem and jewellery dealers in Sri Lanka.

D M Rupasinghe, Director, FIU and. C A Wijeyeweere, Chairman of the CMA signed on behalf of the respective institutions in the presence of Dr. Indrajit Coomaraswamy, the Governor of the Central Bank, who is also the Chairman of the AML/CFT National Coordinating Committee.

Compliance with the AML/CFT framework of the country is mandatory for the real estate agents including condominium developers and licensed gem and jewellery dealers.

They have to fulfill their obligation in terms of the FTRA in the prevention of money laundering, countering the financing of terrorism and connected financial crimes which could threaten the stability of domestic as well as global economic and financial systems, Central bank said.

The FIU has already entered into MOUs with 39 foreign counterparts as well as 8 domestic government agencies.
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(LI)

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