Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka added to European Commission's blacklist of countries at risk of money laundering
Fri, Feb 9, 2018, 12:45 pm SL Time, ColomboPage News Desk, Sri Lanka.

Feb 09, Colombo: The European Parliament has confirmed that Sri Lanka, Tunisia and Trinidad and Tobago have been added to money laundering blacklist as countries at risk for acts of money-laundering.

In a statement, the European Parliament said despite intense efforts by some MEPs, they failed to achieve the 376-vote absolute majority needed to reject the inclusion of Tunisia, Sri Lanka, and Trinidad and Tobago to the European Commission's list of non-EU countries considered to have strategic deficiencies in their anti-money laundering and terrorism financing regimes.

The vote on Wednesday reflected the split in Parliament over the issue, with 357 votes in support of the motion, to 283 votes against, and 26 abstentions.

MEPs who tabled the motion focused their opposition on the inclusion of Tunisia. They believe the addition of the North African country is undeserved; that it is a burgeoning democracy in need of support and that the listing fails to recognize the recent steps it has taken to strengthen its financial system against criminal activity. The other two countries were included in the same delegated act.

As part of its obligations under the EU's Anti-Money Laundering Directive, the European Commission is periodically obliged to draw up a list of "high-risk third countries".

European Parliament has veto power over the blacklist, which is one of the tools in the European Union's armory to protect its financial system against money laundering and terrorist financing. However, for many months, the list has been a source of disagreement between the European Commission and Parliament.

In mid-December, in line with its custom of following the lead of the international Financial Action Task Force (FATF), the Commission has decided to include Sri Lanka, Tunisia and Trinidad and Tobago to its blacklist.

MEPs rejected two previous versions, after disagreements over the methodology used by the Commission for compiling the list. Since then, the two bodies have agreed on a new methodology, which will be introduced from the end of this year, for adding and removing countries.

In mid-December, in line with its custom of following the lead of the international Financial Action Task Force (FATF), the Commission decided to include Tunisia and the other two states to its blacklist, sparking the present controversy.

 

ColomboPage - Recent 10 Stories ::
Police Intelligence Unit deployed for protection of Malagamuwa
-- [3 hours ago]
In Pictures: 72nd Independence Day of India celebrated in Sri Lanka
-- [4 hours ago]
Railway trade unions threaten to strike again, scheduled to meet the President today
-- [6 hours ago]
Sri Lanka to sign agreement with Oman on avoidance of double taxation to enhance economic relations
-- [6 hours ago]
Profiles of Sri Lankan banks stable despite operating environment headwinds - Fitch Ratings
-- [7 hours ago]
HNB Group records PBT of Rs. 14.1 billion in 1H 2018
-- [7 hours ago]
Record income from Cinnamon exports last year
Sri Lankan Premier promotes peace and reconciliation at annual feast of Madhu Church
Navy officer arrested for abduction of 11 youths given Rs. 500,000 from a Navy account
Sri Lanka to purchase refined petroleum products

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.