Sri Lanka’s customs expands international information exchange network to curb TBML

Sri Lanka’s customs department is entering into partnerships with counterparts in other countries in its bid to curb trade based money laundering (TBML).

The department is also seeking international assistance and cooperation to crackdown on gold smuggling, which has increased significantly over recent years.

Recent agreements

The customs department has recently signed a memorandum of understanding with India to exchange information and to detect money laundering and tax evasion according to Sri Lanka’s Business Times, citing a senior customs officer.

The officer also told the journal that a treaty to detect TBML was signed with Australia recently while cabinet approval has been given to sign similar treaties with the Maldives and Russia.

“We are negotiating with the UK, the US with regards to information sharing and detections,” the official added.

AML/CFT framework

Separately, Sri Lanka’s cabinet of ministers last week approved a proposal made by President Ranil Wickremesinghe to plug ‘identified weaknesses’ in the country’s anti-money laundering and counter financing of terrorism (AML/CFT) framework.

The cabinet decision will help implement the country’s action plans that include tasks to be performed by several institutions to improve their AML/CFT efforts.


Categories: Trade Based Financial crimes News

%d bloggers like this: