Sept 22, Colombo: Justice Minister of Sri Lanka Rauf Hakeem has said the enforcement of new laws on money laundering would help detect and stop money flowing into the country that could fall into the hands of terrorist elements.
Referring to the Prevention of Money Laundering (Amendment) Bill, Hakeem has told parliament that the new laws would give more strength to the country in its fight against money laundering by Sri Lankans living overseas.
The government has presented three bills – The Finance Business Bill, Prevention of Money Laundering Bill and Suppression of Terrorist Financing Bill – to the parliament to combat money laundering which is the central issue for all the three bills.
Money laundering, disguising illegal sources of money to appear as they came from legal sources, is a worldwide phenomenon operating across the borders of sovereign countries, the government says.
According to Hakeem, Sri Lanka with its new laws could join the other Commonwealth countries to fight against money laundering without signing any agreements.