Financial Intelligence Unit

The Financial Intelligence Unit (FIU) of Sri Lanka was established in March 2006 as an autonomous body under the Ministry of Finance and Planning. The FIU was reorganized as a Department in the Central Bank of Sri Lanka in February 2007 and then functions as an independent institution within the Central Bank’s framework and administrative structure.

Establishment

The FIU-Sri Lanka was established in March 2006 in terms of the provisions of the Financial Transactions Reporting Act No. 06 of 2006 (FTRA) under the Ministry of Finance and Planning.

The FIU functions as a unit in the Central Bank of Sri Lanka, in terms of the order made by H.E The President under the Act to be the institution designated to operate the FIU. The FIU was reorganized as a Department in the Central Bank in February 2007 in order to enhance its operations and to act efficiently to discharge its statutory functions by leveraging on the policy-making and regulatory capabilities of the Central Bank.

Sri Lanka’s AML/CFT regime comprises of three pieces of legislations;
    Convention on the Suppression of Terrorist Financing Act, No. 25 of 2005 (CSTFA)
    Prevention of Money Laundering Act, No. 05 of 2006 (PMLA)
    Financial Transactions Reporting Act, No. 06 of 2006 (FTRA)