The Writ Application (CA Writ 417/2021) filed by Mr Keerthi Thennekoon (former Governor of the Southern Province)  against the appointment of Governor Ajith Nivard Cabraal as the Governor of the Central Bank was dismissed by the Court of Appeal today, on the grounds that the Petitioner has not established a prima facie case.

Another Writ Application against Governor Cabraal’s appointment filed by Mr Ariyawansa Dissanayake (former Presidential candidate) was also withdrawn by the Petitioner last week.

By virtue of the powers vested under Section 19 (1) read together with section 19 (2) of the Financial Transactions Reporting Act, No. 06 of 2006 (FTRA), financial penalties are imposed on Institutions for non-compliance with the provisions of the FTRA. The penalty may be prescribed taking into consideration the nature and gravity of relevant non- compliance of the Financial Institution.

Accordingly, as Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU collected penalties as indicated below, amounting to Rs. 2.0 million in total for the period from 1 July 2021 to 30 September 2021 to enforce compliance on Financial Institutions. The money collected as penalties were credited to the Consolidated Fund.