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Protecting condominium market from money laundering , terrorist financing
CMA,FIU sign MoU
The condominium Management Authority ( CMA ) and the Financial Intelligence Unit (FIU) recently signed a Memorandum of Understanding (MoU) which outlined how Condominium Developers buyers in the country would adhere to Sri Lanka`s anti money laundering and anti-terrorist financing laws.
Since the issuance of the Designated Non Financial Business (Costumer due Diligence) Rule No.01 of 2018 by the Financial Intelligence Unit (FIU) of Sri Lanka under the Financial Transaction Reporting Act No. 6 of 2006 (FTRA), the CMA has collaboratively worked with the FIU by facilitating various activities of the FIU in the process of introducing and implementing key Anti Money Laundering / Countering the Financing of Terrorism (AML/CFT) legal obligations for condominium developers in the country .
As a remarking milestone in these collective endeavours, a Memorandum of Understanding (MoU) between the CMA and FIU was signed on August 28 at the Central Bank .
The MOU was entered between the parties primarily to serve the objectives of agreeing on the process of how the CMA would provide information in relation to terrorist financing , money laundering and relating crimes and defining the nature of the support that the FIU experts from the CMA on ensuring effective implementation of AML/CFT legal obligations for Condominium developers and buyes in Sri Lanka under the provisions of the FTRA .
The overriding objective of these activities is to protect the condominium property market from the adverse impacts of money laundering and terrorist financing and thereby increase the market confidence of investors .
FIU Director D.M.Rupasinghe and CMA Chairman C.A.Wijeyeweere signed on behalf of the respective institutions in the presence of Central Bank Governor Dr.Inderajith Coomaraswamy , who is also the Chairman of the AML/CFT National Coordinating Committee.
Important Message to Condominium Developers |
