Financial Intelligence Unit signs MoU with Bahrain

The Financial Intelligence Unit of Sri Lanka (FIU-Sri Lanka) entered into a Memorandum of Understanding (MOU) with the Financial Intelligence National Center of the Kingdom of Bahrain (FINC-Bahrain) on June 04, 2024, at the 30th Plenary of the Egmont Group, held in Paris, France, to exchange financial intelligence related to money laundering (ML) and associated predicate offences, and in relation to terrorist financing (TF) offence. This MOU has been entered into by the FIU-Sri Lanka, in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006.

The Financial Intelligence Units across the world enter into MOUs to co-operate with their global counterparts through exchange of information, in order to combat ML/TF, which are more often internationally connected and emanating from widespread criminal activities. The FINC-Bahrain serves as the Kingdom of Bahrain’s central hub for the collection, analysis, and dissemination of information regarding ML/TF. The FIUSri Lanka also functions as the focal point for Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework for Sri Lanka and collects, analyses and disseminates information on suspicious financial transactions relating to ML/TF or any other unlawful activities.

Dr. Subhani Keerthiratne, Director of the FIU-Sri Lanka and Shaikha May Bint Mohamed Bin Khalifa Al Khalifa, Chief Executive of the FINC-Bahrain signed the MOU on behalf of the respective institutions.

With the signing of this MOU, the FIU-Sri Lanka has entered into MOUs with 45 foreign counterparts for sharing of information for intelligence purposes.