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Annual Report 2017 FINANCIAL INTELLIGENCE UNIT ANNUAL REPORT 2017 ISBN 978-955-575-371-5 1st proof 14.09.2018 ANNUAL REPORT 2017 Financial Intelligence Unit of Sri Lanka 1st proof 14.09.2018 Contents LIST OF ACRONYMS^6 2017 AT A GALANCE...^8 National Coordinating Committee Chairman’s message^9 Director’s message^11 Functional Organizational Chart^13 VISION, MISSION, AND STRATEGIC GOALS^14 MANAGEMENT OF INTELLIGENCE ^15 1.1 Collection of Information 15 1.2 Analysis of Information 20 1.3 Dissemination of Information 21 1.4 Suspension, Confiscation and Convictions Relating to ML/TF 22 DOMESTIC AND INTERNATIONAL COOPERATION^23 1st proof 14.09.2018 CONTENTS Page LIST OF ACRONYMS .................................................................................................6 YEAR 2017 AT A GLANCE ........................................................................................8 NATIONAL COORDINATING COMMITTEE CHAIRMAN’S MESSAGE .......................9 DIRECTOR’S MESSAGE ............................................................................................11 FUNCTIONAL ORGANIZATIONAL CHART ..............................................................13 VISION, MISSION AND STRATEGIC GOALS ...........................................................14 CHAPTER 1: MANAGEMENT OF INFORMATION ................................................15 1.1 Collection of Information .................................................................................15 1.2 Analysis of Information .....................................................................................20 1.3 Dissemination of Information ...........................................................................21 1.4 Suspension, Confiscation and Convictions Relating to Money Laundering/ Terrorist Financing .......................................................................22 CHAPTER 2: DOMESTIC AND INTERNATIONAL COOPERATION .......................23 2.1 Domestic Cooperation ....................................................................................23 2.2 International Cooperation ..............................................................................26 CHAPTER 3: INSTITUTIONAL COMPLIANCE .......................................................33 3.1 Statutory Provisions for Anti-Money Laundering/ Countering the Financing of Terrorism (AML/CFT) Supervision ...............................................33 3.2 Risk- Based Supervision .....................................................................................34 3.3 Supervision of Designated Non-Financial Businesses and Professions ........37 3 1st proof 14.09.2018 3.4 Money Laundering and Terrorist Financing through Designated Non-Financial Businesses and Professions .................................38 3.5 Risk-Based Supervision and Way Forward ......................................................43 CHAPTER 4: CAPACITY BUILDING .....................................................................45 4.1 Compliance and Training ................................................................................45 4.2 External Assistance ...........................................................................................47 4.3 Anti-Money Laundering and Countering the Financing of Terrorism National Coordinating Committee (NCC) ....................................................47 CHAPTER 5 : AWARENESS PROGRAMMES.........................................................48 5.1 Seminars and Workshops Organized by the FIU-Sri Lanka ...........................48 5.2 Demand Driven Awareness Programmes ......................................................50 CHAPTER 6 : TYPOLOGY ANALYSIS AND CASE STUDIES ..................................52 Typology 1: Money Laundering through Telegraphic Transfers (Large Value Outward Remittances Followed by High Value Cash Deposits) ..........................................................................52 Typology 2: Suspicious Account Transactions on Inward Remittances .............55 Typology 3: Money Laundering through Properly Established Bank Relationships ........................................................................................57 Typology 4: Unorthodox Conducts of Customers Suspicious as Money Laundering ...........................................................................................60 Typology 5: Misappropriation of Business Entities .................................................62 Typology 6: Fraudulent Inward Remittances through Cyber Attacks ...............64 CHAPTER 7: IT INFRASTRUCTURE FOR REPORTING ............................................66 7.1 LankaFIN System ...............................................................................................66 7.2 Access to other Sources of Information .........................................................69 7.3 Future Challenges.............................................................................................69 7.4 FIU Website ........................................................................................................69 4 1st proof 14.09.2018 CHAPTER 8: POST – APG MUTUAL EVALUATION AND ICRG REVIEW ON SRI LANKA ................................................................................71 8.1 Asia/ Pacific Group on Money Laundering Mutual Evaluation ..................71 8.2 Asia/ Pacific Group on Money Laundering Mutual Evaluation on Sri Lanka .......................................................................71 8.3 Major Follow-up Actions Taken to Address AML/CFT Deficiencies .............72 8.4 Upgrading the Ratings due to the Progress made .......................................73 8.5 A Review on Sri Lanka by the International Cooperation Review Group .73 8.6 Removal from FATF Review ..............................................................................75 8.7 ICRG Review on Sri Lanka ................................................................................76 BOX ARTICLES Box Article 1: The Anti-Money Laundering/Countering the Financing of Terrorism Framework for Designated Non-Finance Businesses and Professions in Sri Lanka ........................................................................................................78 Box Article 2 : Common Scams Operating in Sri Lanka using Social Media ........................... 85 CONTACT US...........................................................................................................88 PHOTO GALLERY ....................................................................................................89 APPENDIX A : LIST OF REGULATIONS/RULES/DIRECTIONS/GUIDELINES/ CIRCULARS ISSUED DURING 2006 TO 2017 ......................................97 APPENDIX B: REPORTING INSTITUTIONS AS AT DECEMBER 31, 2017 ...................101 5 1st proof 14.09.2018 LIST OF ACRONYMS AMCs - Authorized Money Changers AML - Anti-Money Laundering APG - BIMSTEC - Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Asia Pacific Group on Money Laundering BSD - Co-operation CAMAC - China AML Monitoring and Analysis Centre Bank Supervision Department CANZUS - Canada, Australia, New Zealand and USA CBS - Centre for Banking Studies CBSL - Central Bank of Sri Lanka CDD - Customer Due Diligence CFIB - Colombo Fraud Investigation Bureau CFT - Countering the Financing of Terrorism CIABOC - CID - Commission to Investigate Allegations of Bribery or Corruption CSTFA - Criminal Investigation Department CTRs - Convention on the Suppression of Terrorist Financing Act, No. 25 of 2005 DNFBPs - Designated Non-Financial Businesses and Professions Cash Transaction Reports DSNBFIs - DPRK - Department of Supervision of Non-Bank Financial Institutions EAG - Democratic People’s Republic of Korea ECD - Eurasian Group EFTs - Electronic Fund Transfers Exchange Control Department FATF - Financial Action Task Force FCID - Financial Crimes Investigation Division FED - FIU - Financial Intelligence Unit Foreign Exchange Department FSRBs - FATF-Style Regional Bodies FTRA - ICRG - Financial Transactions Reporting Act, No. 06 of 2006 ICs - International Co-operation Review Group IMF - International Monetary Fund Insurance Companies 6 FINANCIAL INTELLIGENCE UNIT OF SRI LANKA - ANNUAL REPORT 2017 1st proof 14.09.2018 IRCSL - Insurance Regulatory Commission of Sri Lanka IRD - KYC - Know Your Customer Inland Revenue Department LankaFIN - LBs - Licensed Banks FIU-Sri Lanka’s Online Database Management System LCBs - Licensed Commercial Banks LEAs - Law Enforcement Agencies LFCs - LKR - Licensed Finance Companies LSBs - Sri Lankan Rupees ME - Mutual Evaluation Licensed Specialized Banks MER - ML/TF - Money Laundering and Terrorist Financing Mutual Evaluation Report MOD - Ministry of Defence MOUs - Memorandums of Understanding MVTS - Money or Value Transfer Service NCC - National Coordinating Committee NGOs - Non-Governmental Organizations NICs - National Identity Cards NRA - National Risk Assessment PMLA - PNB - Police Narcotic Bureau Prevention of Money Laundering Act, No. 05 of 2006 RAs - Regulatory Authorities RBA - RIs - Risk-Based Approach SAs - Reporting Institutions SBs - Stock Brokers Supervisory Authorities SEC - Securities and Exchange Commission of Sri Lanka SGAML-CFT - Terrorism Sub-Group on Anti-Money Laundering and Combating the Financing of SIS - State Intelligence Service STRs - TC - Suspicious Transaction Reports TID - Terrorist Investigation Division Technical Compliance UNODC - UNSCRs - United Nations Security Council Resolutions United Nations Office on Drugs and Crime USD - US Dollar FINANCIAL INTELLIGENCE
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