Sri Lanka Tightens Anti-Money Laundering, Financial Transactions Reporting Laws
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4 Articles
Sri Lanka tightens anti-money laundering, financial transactions reporting laws
ECONOMYNEXT – Sri Lanka’s Parliament has passed amendments to the Prevention of Money Laundering Act, Financial Transactions Reporting Act, and Convention on the Suppression of Terrorist Financing Act. The Prevention of Money Laundering (Amendment) Bill was passed with the required special majority in respect of Clause 14, in accordance with the determination of the Supreme Court. This authorizes authorities to freeze secondary assets linked to …
Sri Lankan MP Warns New Anti‑Money Laundering Bills Could Enable “Unchecked Police Powers” • Sri Lanka Brief
A Sri Lankan opposition legislator has warned that three key financial crime bills now before Parliament risk granting the police sweeping powers without judicial oversight, creating what he described as a serious threat to civil liberties. The remarks were made by MP Shanakiyan Rasamanickam, who said his party supports strong anti‑corruption laws but cannot endorse legislation that “concentrates extraordinary authority in the hands of the polic…
"When only 2 votes are against, the opposition will raise its hand against the bill" - Legal powers to confiscate illegally acquired assets and to put suspicious transactions in the FIU's hands will be expanded
Money Laundering Amendment Bill passed with special majority
The Speaker of Parliament announced today that the Second Reading of the Prevention of Money Laundering (Amendment) Bill has been passed. The Second Reading of the bill was passed with a special majority. The bill received 154 votes in favour, while only two votes were cast against. (Newswire) The post Money Laundering Amendment Bill passed with special majority appeared first on Newswire.
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