The Financial Intelligence Unit (FIU) of Sri Lanka performs the following functions;
- Collecting or requiring the supervisory authority of Financial Institutions (FIs) and Designated Non-Financial Businesses (DNFBPs) to collect information relevant to an unlawful activity, money laundering, financing of terrorism, or terrorist activity, analyzing and assessing reports and information and refer any matter or any information to appropriate Law Enforcement Agencies (LEAs) or regulatory authorities, as and when necessary.
- Receiving Cash Transaction Reports, Electronic Fund Transfers, Suspicious Transaction Reports, information provided by any agency of another country, or by an LEA or a government institution and other information voluntarily provided about suspicions of an act constituting an unlawful activity.
- Issuing/facilitating issuance of rules and guidelines to FIs and DNFBPs in relation to Anti Money Laundering/ Countering the Financing of Terrorism framework.
- Suspension of transactions and co-ordinate extension of such suspended transactions where the FIU has reasonable grounds to suspect that a transaction or attempted transaction may be related to Money Laundering (ML)/ Terrorist Financing (TF) offences or involving proceeds from unlawful activities Carrying out examinations of Institutions (FIs and DNFBPs) and instructing or requiring the supervisory authority to take steps to enforce compliance with the Financial Transaction Reporting Act, No. 6 of 2006 (FTRA) or to facilitate any investigation.
- Undertaking due diligence checks and other inquiries as may be necessary for performance of its duties and functions under the FTRA.
- Coordinating with relevant domestic and international agencies on the activities related to Mutual Evaluation and entering into memoranda of understanding with relevant local agencies and foreign counterparts.
- Disclosing reports or information to an institution or agency of a foreign state or a foreign counterpart on terms and conditions as set out in the agreement or arrangement between the FIU and the relevant institution regarding the exchange of such information.
- Conducting training and awareness to educate the FIs, DNFBPs, LEAs, other stakeholders and the public on matters relating to ML and TF.
- Conducting the National ML/TF Risk Assessment (NRA) of Sri Lanka and caring out any update to the NRA as relevant.
- Facilitating the implementation of United Nations Security Council Resolutions on targeted financial sanctions related to terrorism and terrorist financing and financing of proliferation of weapons of mass destruction.
