Law relating to prevention of money laundering english
Indatissa, K.
Law relating to prevention of money laundering english Indatissa, Kalinga - Colombo: Author; 2016. - xii,287p.: 21cm.
The Prevention of Money Laundering Act No. 5 of 2006 (as amended) is the primary legislation in Sri Lanka, prohibiting the conversion, transfer, or concealment of property derived from unlawful activities. It criminalizes laundering offenses and mandates financial institutions to perform due diligence, report transactions, and allow for asset forfeiture.
Financial Intelligence Unit of Sri Lanka
Financial Intelligence Unit of Sri Lanka
+1
Key Aspects of the Law (Sri Lanka context):
Definition: Money laundering involves engaging in transactions, receiving, possessing, concealing, or investing property derived from any unlawful activity (such as drug trafficking, bribery, or terrorism).
Core Offenses: The law targets those who know or have reason to believe property is illegally derived, penalizing both the actus reus (guilty act) and mens rea (guilty mind).
Applicability: Applies to individuals and institutions operating within Sri Lanka.
Penalties: Conviction in the High Court can lead to rigorous imprisonment (5–20 years) and/or fines up to three times the value of the property involved.
Related Legislation: The Financial Transactions Reporting Act No. 6 of 2006 establishes the Financial Intelligence Unit (FIU) for monitoring and reporting, while the Convention on the Suppression of Terrorist Financing Act No. 25 of 2005 covers terrorism-related funds.
Central Bank of Sri Lanka
Central Bank of Sri Lanka
+4
Purpose:
The legislation aims to combat economic crime, prevent illegal money from entering the financial system, and provide mechanisms to freeze, seize, and forfeit proceeds of crime.
Financial Intelligence Unit of Sri Lanka
Financial Intelligence Unit of Sri Lanka
+1
9789554336438
364.168 / IND
Law relating to prevention of money laundering english Indatissa, Kalinga - Colombo: Author; 2016. - xii,287p.: 21cm.
The Prevention of Money Laundering Act No. 5 of 2006 (as amended) is the primary legislation in Sri Lanka, prohibiting the conversion, transfer, or concealment of property derived from unlawful activities. It criminalizes laundering offenses and mandates financial institutions to perform due diligence, report transactions, and allow for asset forfeiture.
Financial Intelligence Unit of Sri Lanka
Financial Intelligence Unit of Sri Lanka
+1
Key Aspects of the Law (Sri Lanka context):
Definition: Money laundering involves engaging in transactions, receiving, possessing, concealing, or investing property derived from any unlawful activity (such as drug trafficking, bribery, or terrorism).
Core Offenses: The law targets those who know or have reason to believe property is illegally derived, penalizing both the actus reus (guilty act) and mens rea (guilty mind).
Applicability: Applies to individuals and institutions operating within Sri Lanka.
Penalties: Conviction in the High Court can lead to rigorous imprisonment (5–20 years) and/or fines up to three times the value of the property involved.
Related Legislation: The Financial Transactions Reporting Act No. 6 of 2006 establishes the Financial Intelligence Unit (FIU) for monitoring and reporting, while the Convention on the Suppression of Terrorist Financing Act No. 25 of 2005 covers terrorism-related funds.
Central Bank of Sri Lanka
Central Bank of Sri Lanka
+4
Purpose:
The legislation aims to combat economic crime, prevent illegal money from entering the financial system, and provide mechanisms to freeze, seize, and forfeit proceeds of crime.
Financial Intelligence Unit of Sri Lanka
Financial Intelligence Unit of Sri Lanka
+1
9789554336438
364.168 / IND