Two retired senior officers of Central Bank, Ms. Senehelatha Abeywickrama Perera and Charmaine Fernando have published a compendium of laws on prevention of money laundering, suppression of terrorist financing as well as those relating to the Financial Intelligence Unit of the Central Bank.

This publication introduces the reader to recent legislation such as the Suppression of Terrorist Financing Act No.25 of 2005, The Prevention of Money Laundering Act No.5 of 2006, and Financial Transactions Reporting Act No.6 of 2006 as well as other regulations relating to the Financial Intelligence Unit of the Central Bank.

The authors have held senior positions at the Central Bank where Ms. Perera served as Secretary to the Bank, Additional Director of the Non-Bank Supervision Department with responsibility for work connected with failed financial companies and Special Officer for Legal Reforms.

In this capacity, she was required to liaise with relevant government departments and international authorities connected with money laundering and terrorist financing to work towards the enactment of preventive laws in this regard and the consequential establishment of the Financial Intelligence Unit at the Central Bank.

Charmaine Fernando who retired as Director of Bank Supervision at the Central Bank had previously worked as an Assistant Examiner of the Banks Supervision Department.

In a Preface to the book, Ms. Perera says that as the Special Officer attached to the Legal Reforms Unit of the Central Bank, she was assigned the duty of preparing for the mutual evaluation of anti-money laundering measures in force here as well as means of combating the financing of terrorism in Sri Lanka.

She says that although terms like "money laundering" and "terrorist financing" were frequently used, there were few who knew the relevant statutes applicable to these two subjects and there was a crying need to collate and make this information conveniently accessible.

This led to the publication of the book containing the recent written law on these subjects and, as Ms. Perera says, it is intended to supply the needs of officials and financial institutions as well as lawyers, notaries, bankers, stockbrokers and others governed by provisions of the Financial Transactions Reporting Act No.6 of 2006.

"The statutes contained in this publication are groundbreaking in that for the first time they introduced into our law provisions imposing the onerous legal duty of reporting of certain financial transactions on those engaged in or carrying on `finance business’ or ‘designated non-finance business’ as defined by the Act,’’ she explained.

"Designated Non-Finance business" includes "lawyers, notaries, other independent legal professionals and accountants, real estate agents, individual and collective portfolio management; investing, administering or managing funds or money on behalf of other persons; safekeeping and administration of cash or liquid securities on behalf of other persons; safe custody services; underwriting and placement of insurance, insurance intermediation by agents and brokers; trustee administration or investment management; casinos, gambling houses or conducting of a lottery; dealers in precious metals and semi-precious stones; trust or company service provider, offshore in accordance with the definitions provided for the same in other written laws; and such other business as may be prescribed from time to time by the Minister taking into consideration the interests of the national economy, such."