The Financial Intelligence Unit of Sri Lanka (FIU) entered into Memoranda of Understanding (MoU) with the Condominium Management Authority (CMA) and the National Gem and Jewellery Authority (NGJA) recently.
The MoU outlines the process for providing information and defining the nature of the support that the FIU expects from the CMA and NGJA in ensuring 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.
Director, FIU, D. M. Rupasinghe, and Chairman of the CMA, C. A. Wijeyeweere, signed on behalf of the respective institutions. Director General of NGJA, Dulip Somirathna signed the MoU on behalf of the NGJA.
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 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.
The FIU has entered into MOUs with 39 foreign counterparts as well as eight domestic government agencies.