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Global watchdog notes deficiencies in Sri Lanka’s efforts to stem money laundering

A global watchdog has warned that there are deficiencies in the Sri Lankan government’s efforts to stem money laundering, including in the implementation of sanctions on North Korea and Iran.

The announcement by the Financial Action Task Force (FATF) comes just weeks after the European Union placed Sri Lanka to its blacklist of countries at risk of money laundering.

The FATF said that whilst steps had been taken by Sri Lanka since November 2017, deficiencies remain. In particular it highlighted the implementation of UN Security Council resolutions on Iran and North Korea.

See more from Colombo Gazette here.