Seminar on “Implications of Money Laundering and Terrorist Financing on the National Economy and the Country,”

Sri Lanka must strengthen measures against money laundering and terrorism financing to avoid being greylisted. This was emphasized at a seminar on “Implications of Money Laundering and Terrorist Financing on the National Economy and the Country,” organized by the National Issues Committee of the OPA. The event featured insightful presentations by Hon. Justice Buwaneka Aluwihare and Dr. Subhani Keerthiratne, Director of the Financial Intelligence Unit.

In his thought-provoking presentation, Justice Aluwihare highlighted the detrimental impacts of money laundering on the economy, including undermining financial stability, decreasing government revenue, distorting competition, increasing inequality, and hampering economic growth. Dr. Subhani Keerthiratne emphasized that inter-agency coordination and the highest level of political commitment are crucial to combat money laundering and terrorist financing, which pose significant risks to both domestic and global financial systems, peace, and development. She informed that Sri Lanka’s 3rd Mutual Evaluation is scheduled for March 2025. The country must address remaining technical deficiencies and implement necessary changes to avoid being designated as a greylisted or blacklisted country.