000 02369nam a22001817a 4500
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008 201015b xxu||||| |||| 00| 0 eng d
020 _a9789554336438
040 _cSLIDA
082 _223
_a364.168
_bIND
100 _9976
_aIndatissa, K.
_qIndatissa, Kalinga
245 _aLaw relating to prevention of money laundering
_cIndatissa, Kalinga
_henglish
260 _aColombo:
_bAuthor;
_c2016.
300 _axii,287p.:
_c21cm.
500 _aThe 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
856 _fPREVENTION OF MONEY LAUNDERING ACT, NO. 5 OF 2006
_uhttps://fiusrilanka.gov.lk/docs/ACTs/PMLA/Money_Laundering_Act_2006-5_(English).pdf
942 _2ddc
_cLEN
999 _c2565
_d2565