SRI LANKA HOPES TO GET OFF FATF GREY LIST BY OCTOBER 2018

Economy Next on 16th February reports that the Sri Lanka Central Bank governor has said that it is hoped that the country’s action plan will remove the threat of FATF blacklisting, being currently under monitoring (or “grey list”).  It is said to be working on a time bound action plan to bring laws and supervision of non-bank firms like casinos and the gem industries, and has until March 2019 to puts its house in order.  The IMF warned in October 2017 that Sri Lanka was falling behind in complying with the FATF requirements.  The EU recently added Sri Lanka to its blacklist, and it is thought that the US may be anticipating doing the same.

http://economynext.com/Sri_Lanka_hopes_to_get_out_of_FATF_red_flag_by_October__CB_Governor-3-9891.html

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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