Business
CBSL underscores importance of SL committing to anti-money laundering measures
It is imperative that Sri Lanka adheres to the Anti-Money Laundering and Countering the Financing of Terrorism Framework (AML/CFT). Towards this end it needs to prioritize certain measures for consistent implementation, the Central Bank of Sri Lanka said in a press release.
The release added: In response to an invitation from the Financial Intelligence Unit of Sri Lanka, a high-level delegation from the Asia Pacific Group on Money Laundering (APG) visited Sri Lanka to engage with local authorities and provide them with crucial insights regarding the upcoming mutual evaluation of Sri Lanka’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Framework. The international delegation included:
Julien Brazeau: APG Co-Chair and Associate Assistant Deputy Minister of Canada’s Department of Finance in Ottawa within the Financial Sector Policy Branch.
▪ Dr. Gordon Hook: Executive Secretary, APG
▪ David Shannon: Director, Mutual Evaluations Quality & Consistency, APG
The APG is one of the main regional monitoring bodies of the Financial Action Task Force (FATF), committed to monitoring and guiding the member jurisdictions in effective implementation of the international standards to combat money laundering (ML), terrorism financing (TF), and proliferation financing associated with weapons of mass destruction (PFWMD). Approximately 200 countries are affiliated with the nine regional bodies under the FATF’s purview. Sri Lanka is one of the 13 founding members of the APG, since 1997.
The FATF serves as the global watchdog against ML/TF, setting internationally recognized standards aimed at preventing these illicit activities and the harm they inflict on society. Member countries are expected to adhere to these standards, and the FATF assesses their performance based on a comprehensive assessment methodology that encompasses two key dimensions:
1. Technical Compliance: evaluates the legal and institutional framework, as well as the authority and procedures of competent authorities.
2. Effectiveness Assessment: gauges the extent to which the legal and institutional framework produces the anticipated results.
Sri Lanka was identified as a “Grey List” country with strategic deficiencies in its AML/CFT Framework twice by the FATF in 2011 and 2017, respectively, sebsequent to Sri Lanka’s 1st and 2nd Mutual Evaluations. During the 2017 Grey Listing, the European Union also “Black Listed” Sri Lanka for non-compliance with these international standards. In 2019, Sri Lanka was able to exit the Grey List after addressing the gaps in the legal and institutional framework.
Sri Lanka’s 3rd Mutual Evaluation is scheduled in 76 weeks (March 2025). As a nation, it is imperative that Sri Lanka achieves Technical Compliance with the FATF 40 Recommendations and ensure that our AML/CFT framework delivers expected results, as measured by the FATF’s 11 Immediate Outcomes. To this end, there are 24 stakeholders actively engaged in combating ML/TF in the country. The Financial Intelligence Unit, as the focal point in coordinating efforts, has obtained the approval of the Cabinet of
Ministers for the stakeholder-wise Actions Plans aimed at addressing the identified gaps in the AML/CFT Framework.
During the 3-day visit, the delegation had the privilege of meeting with key figures in Sri Lanka, including HE the President, the Hon. Chief Justice and Senior Justices of the
Supreme Court, the Foreign Minister, the Attorney General, and the Governor of the Central Bank/Chairman National Coordinating Committee on AML/CFT, Senior Law Enforcement Officials alongside private sector and other key stakeholders.
The delegation observed that at the highest levels of Sri Lanka’s leadership, there is a deep understanding of the significance of the upcoming Mutual Evaluation, and that it is imperative that all the stakeholders are committed to achieving strong results that mirror a resilient AML/CFT system. Implementing FATF standards for enhanced effectiveness is fundamental to safeguarding our economy and society from profit-driven crimes, terrorism, and the proliferation of weapons of mass destruction.
Sri Lanka is acutely aware of the severe costs incurred by the country due to terrorism, terrorist financing, drug trafficking, corruption, trade-related crimes, and other profit-driven criminal activities, including money laundering. To successfully prepare for the mutual evaluation and avoid the adverse economic consequences of FATF grey-listing, it is paramount to prioritize activities in the following order:
1. Focus on Effectiveness: Emphasize the ability of the AML/CFT system to produce operational results that address Sri Lanka’s specific risks effectively.
2. Enhanced Monitoring: Stakeholders should intensify monitoring of progress and operational outcomes to support the advancement of priority implementation plans and surmount any obstacles to effectiveness.
3. Timely Legislation: Expedite the passage of critical AML/CFT-related legislation to ensure the availability of the necessary tools for achieving operational outputs.
4. Resource Allocation: Allocate adequate resources on a priority basis to agencies responsible for implementing the AML/CFT framework to facilitate the achievement of operational outcomes timely.
5. Inter-Agency Coordination: Sustain inter-agency coordination through effective leadership and well-supported mechanisms for targeted planning and progress monitoring in line with implementation plans.
6. Prosecution: Enhancing the capacity and active involvement of prosecutors in money laundering and terrorism financing cases.
7. Law Enforcement: Bolster implementation by law enforcement agencies, particularly through the clearance of backlogs in money laundering cases and increase in the scope of asset recovery and money laundering-related activities.
8. Judiciary: Improve the capacity of the Judiciary for timely and effective adjudication of money laundering cases and terrorism financing cases
9. Private Sector Engagement: Encourage active involvement of the private sector, fostering shared goals with the government for priority implementation of AML/CFT systems.
10. International Cooperation: Strengthen and focus on international cooperation, recognizing its pivotal role in demonstrating effectiveness. Foster deeper collaboration with countries that share key money laundering and terrorist financing risks.
By diligently adhering to these prioritized actions, Sri Lanka can secure a favorable outcome in its Mutual Evaluation and avoid the adverse economic and financial consequences associated with FATF Grey-Listing. Therefore, each of the 24 stakeholders are expected to ensure they have made every possible effort within their capacity to address the gaps in the AML/CFT Framework in a timely manner to face the country’s 3rd Mutual Evaluation.
Business
HNB partners IDEAL Motors to drive financial freedom through vehicle leasing solutions
HNB PLC, the leading private bank in Sri Lanka, has partnered with IDEAL Motors (Pvt) Limited to provide customers with attractive leasing solutions for brand-new vehicles & generators .
The partnership introduces a range of benefits designed to support individuals, entrepreneurs, and businesses seeking reliable vehicle and power solutions. Through this collaboration, customers can access structured lease facilities, special interest rates, free life insurance coverage, and attractive discounts through HNB General Insurance.
Commenting on the partnership, HNB, Senior Vice President/ Head of Retail Banking, Kanchana Karunagama, said, “At HNB, we believe that the right financial support can help people and businesses move forward with greater confidence. This partnership with IDEAL Motors shows our commitment to creating meaningful solutions that make vehicle and power investments more accessible, while helping our customers achieve their personal and business aspirations. By combining HNB’s financial expertise with IDEAL Motors’ industry capabilities, we are creating opportunities that support the ambitions of Sri Lankans and contribute towards a stronger, more connected economy.”
Customers purchasing vehicles through IDEAL Motors will also benefit from exclusive offers including free registration, and discounts on Bolero Maxx Pik-Up, Alfa Plus Load Carrier, Mahindra Pik-Up Single Cab, Mahindra Pik Up Double Cab, XUV 3XO vehicles, creating greater value throughout their ownership journey.
IDEAL Motors (Pvt) Limited, Director Legal and Corporate Affairs, Nimesha Welgama, said, “Our collaboration with HNB represents a shared commitment to supporting Sri Lankans in achieving greater financial independence through accessible ownership solutions. By combining IDEAL Motors’ mobility and power solutions with HNB’s financial expertise, we aim to empower individuals and businesses with opportunities that contribute to economic progress and community development. This partnership highlights our vision of creating lasting value by enabling customers to confidently invest in their future.”
With IDEAL Motors recognised for its diverse portfolio of automotive and power solutions, and HNB’s extensive expertise in financial services, the partnership aims to provide a seamless experience from selection to ownership, supported by flexible financing options and customer focused solutions.
The partnership further strengthens HNB’s commitment to supporting economic progress by providing financial solutions that enable customers to invest in personal mobility, commercial growth, and business continuity. Through collaborations with leading industry partners, HNB continues to expand opportunities for Sri Lankans while delivering a banking experience built around accessibility, trust, and value.
Business
Sri Lanka Insurance Corporation General and the Ministry of Education committed to protect Sri Lanka’s schoolchildren
Sri Lanka Insurance Corporation General Ltd (SLICGL) and the Ministry of Education, Higher Education and Vocational Education share a commitment to protect Sri Lanka’s children throughout their school education. The pledge is delivered through the Suraksha Student Insurance Scheme, which protects over 4 million school children.
The Government of Sri Lanka, through the Ministry of Education, Higher Education and Vocational Education, provides the Suraksha Student Insurance Scheme free of charge to schoolchildren throughout the country. SLICGL is proud to partner with the Ministry in delivering this national initiative, which helps safeguard students against the financial impact of unforeseen circumstances.
Eligible students include those aged 5-21 years in Grades 1-13 from government schools, government-approved private schools, and Pirivena education, as well as students aged 4-21 years in assisted special schools.
The scheme provides hospitalisation, outpatient and critical illness cover, as well as personal accident cover for permanent and temporary disability, together with a life insurance benefit for children from low-income families on the death of a parent. Cover applies to incidents within and outside school premises.
For a child, an illness or accident can be far more than a temporary setback. It can place added pressure on a family and, in some circumstances, disrupt schooling. Suraksha acts as a safety net, giving children and their families greater peace of mind and helping them stay in school despite life’s uncertainties. The scheme is easily accessible through SLICGL’s islandwide network of 200 branches and customer service centres.
Children’s Day is a celebration of hope, the hope for every child to have the opportunity to learn, grow and build a better future. Celebrating children also means protection, not for a single day but for every day they spend in the classroom.
Commemorating Children’s Day, SLICGL extended support towards the educational needs of children at an underprivileged school. The project highlighted the company’s belief in protecting the future not only by being supportive when the unexpected happens, but also in helping create an environment in which children can learn, grow and fulfil their potential.
As Sri Lanka’s National Insurer, SLICGL’s role goes further than protecting people against risk. It is also about contributing to a stronger, safer and more resilient country as children’s education, wellbeing and aspirations contribute directly to help build the journey ahead.
Business
Vietjet launches Hanoi to Prague route via Almaty, expanding to Central Asia and Europe
Vietjet, which already flies between Colombo and Ho Chi Minh City, has officially launched new services connecting Hanoi with Almaty, Kazakhstan, and Prague, Czech Republic, as well as Almaty with Prague, expanding its intercontinental network and marking its entry into the European Union. The new air links offer more affordable travel options while fostering greater tourism, trade and cultural exchange between Asia and Europe.
For Sri Lanka, the new routes widen the network that Vietjet is building out of Colombo. The airline has operated non-stop flights between Colombo and Ho Chi Minh City since August 2026, three times a week on Tuesdays, Thursdays and Saturdays, while its new Ho Chi Minh City to Maldives service via Colombo is scheduled to begin on 5 December 2026. With Hanoi now linked to Central Asia and Europe, Sri Lankan travellers have a growing choice of destinations reachable through Vietjet’s extensive network.
The inauguration ceremonies took place at Almaty International Airport and Václav Havel Airport Prague on 10 October, amid a warm welcome from local leaders, residents and visitors. The inaugural flights were greeted with traditional water cannon salutes and performances showcasing local cultural heritage, marking the beginning of new journeys connecting the three regions and welcoming international travellers to Vietnam. Passengers on the inaugural flights also received commemorative gifts from Vietjet and the airports, adding a special touch to their journeys.
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