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.
By Ifham Nizam
Australian High Commissioner to Sri Lanka Matthew Duckworth described Omega Traders’ latest investment in a modern dhal-processing facility as a strong example of how cross-border supply chains can translate into productive investment, local value addition and new business opportunities in Sri Lanka.
The investment, which adds a 150-metric-tonne-per-eight-hour-day processing capacity to Omega Traders’ operations, marks a significant expansion of the company’s manufacturing footprint as it celebrates 45 years in Sri Lanka’s food commodity industry.
Speaking at the inauguration of the new Lentil and Orid Dhal Processing Factory in Wattala, last Friday, H.C. Duckworth said the facility represented more than an increase in production capacity, pointing to the wider economic value created when Australian agricultural production is connected with Sri Lankan processing and distribution.
‘This facility is not operating on its own. It is part of a long supply chain and a trade partnership between Sri Lanka and Australia, Duckworth said.
His comments placed the Omega Traders’ investment within a broader commercial context: Australia brings agricultural production and established export capabilities, while Sri Lanka provides processing capacity, labour, market access and opportunities for further value addition.
The investment comes as Sri Lanka continues to look towards greater domestic processing and value-added manufacturing rather than relying solely on the import and distribution of finished commodities.
Dr. (Mrs.) Siddhika G. Senaratne, Director General/CEO of the Sri Lanka Standards Institution (SLSI), who attended the inauguration as Guest of Honour, highlighted the importance of quality assurance in food processing and the role of standards in maintaining confidence across the supply chain.
The facility is equipped with new-generation cleaning, processing, sorting and quality-control machinery, including advanced colour-sorting technology, automated systems and an in-house quality-control laboratory.
The additional capacity will support Omega Traders’ three principal Mysoor Dhal brands — Rainbow Jumbo Dhal, Komas Dhal and Rozanna Dhal — which serve different segments of the Sri Lankan market.
But the investment also has a distinctly local agricultural dimension.
Through its Orid Dhal operation, Omega Traders plans to source locally grown black matpe from Sri Lankan farmers and process it at the new facility.
That creates a domestic value chain linking farmers to industrial processing and consumers, while potentially increasing demand for locally produced agricultural commodities.
Duckworth said this type of business partnership could generate benefits for both countries.
‘Australia produces some of the world’s best agricultural products and we are very efficient and very capable at trading them. But that alone is not going to bring success to Australia. Just as building a factory like this is not going to bring success to Sri Lanka, he said.
‘It’s when we bring these entities together that our products produced in Australia can be processed in excellence here in Sri Lanka that enables this to be a success, the H.C. explained.
The investment therefore combines two complementary supply streams: imported agricultural commodities, including Australian-origin products, and locally produced black matpe for the Orid Dhal operation.
For Sri Lanka, the business significance extends beyond Omega Traders itself. Increased processing capacity creates demand for logistics, packaging, distribution, services and agricultural inputs, while supporting employment within the food-processing ecosystem.
HR-led transformation places people, culture and business performance at the heart of the organisation
Ideal Motors (Pvt) Ltd,has achieved a significant milestone by securing multiple prestigious workplace and organisational culture accolades in 2026, reinforcing its position as an employer of choice in Sri Lanka’s automotive sector.
Among its latest achievements, Ideal Motors has been recognised as one of the 20 Great Workplaces for Young Talent in Sri Lanka 2026, ranked No. 1 and awarded the Gold Medal in the Small and Medium category of Best Workplaces™ in Sri Lanka 2026, and ranked No. 18 among Best Workplaces™ in Asia in the Medium Scale category—the highest-ranked Sri Lankan organisation in the category. The company also received Industry Excellence for Workplace Culture – Trading Industry.
The Young Talent recognition was presented at the Great Place To Work® CXO Forum 2026 held on 10 September 2026 at Cinnamon Life, Colombo. The recognition followed an evaluation of more than 100 certified organisations and highlights workplaces that create meaningful opportunities for employees under 35 to develop, contribute and grow.
At the Best Workplaces™ in Sri Lanka Awards Gala 2026, held on 11 September 2026 at Cinnamon Life, Colombo, Ideal Motors achieved another historic milestone by entering the Best Workplaces Sri Lanka list for the first time and securing the No. 1 Gold Medal in the Small and Medium category. The company also achieved No. 18 in Best Workplaces™ in Asia, reflecting the strength of its workplace culture beyond Sri Lanka.
These achievements represent more than a collection of awards. They reflect the transformation taking place within Ideal Motors, where people, culture and business performance are increasingly viewed as interconnected drivers of sustainable growth.
Over the past few years, the organisation’s HR function has evolved from a predominantly administrative role into a strategic business partner, with greater emphasis on employee experience, capability development, engagement, performance, communication, wellbeing, diversity and inclusion, and data-driven HR practices.
The Automobile Association of Ceylon (AAC) conducted a seat belt safety awareness programme in front of its headquarters and along Galle Face Centre Road, encouraging motorists and passengers to make seat belt use a habit on every journey.
AAC staff, working alongside officers of the Sri Lanka Police Traffic Division, distributed specially designed hanging tags and stickers to drivers. The material carries a clear reminder that seat belts protect drivers as well as passengers in both the front and rear seats.
The public awareness drive was held ahead of the requirement taking effect on 20 September 2026, under which seat belt use becomes mandatory for every occupant of a vehicle travelling on an expressway.
AAC emphasized that the regulation should be understood as a life-saving measure rather than only a legal obligation. Wearing a seat belt can help prevent occupants from being thrown inside or from a vehicle during a collision and can lessen the severity of injuries.
The Association said road safety legislation must be supported by sustained public education, visible enforcement and responsible behaviour by all road users. The participation of the Traffic Police helped the campaign reach motorists directly in a busy part of central Colombo.
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