The Organisation of Professional Associations of Sri Lanka (OPA) successfully convened a high-level seminar on ‘National Risk Assessment and Mutual Evaluations on Anti-Money Laundering (AML), Combatting of the Financing of Terrorism (CFT), and Proliferation Financing of Weapons of Mass Destruction: Implications and Obligations for Professionals’ recently under the auspices of the National Issues Committee, jointly with the Seminar, Workshops and Programs Committee.
The event brought together a distinguished assembly of the OPA led by President Jayantha Gallehewa, along with office bearers, Past Presidents, and members of the OPA. The breadth and seniority of participation reflected a shared national commitment to strengthening professional standards, enhancing institutional governance, and safeguarding financial integrity.
In his welcome address, Gallehewa underscored the increasing importance of strengthening professional accountability in addressing financial crimes and preserving national economic stability. He noted that, as Sri Lanka continues to align with global AML/CFT frameworks, professionals must uphold the highest standards of transparency, governance, and ethical responsibility. He further emphasised that these obligations are not merely regulatory requirements but fundamental safeguards for maintaining the credibility and resilience of the financial system.
The seminar featured expert contributions from Attorney General’s Department Additional Solicitor General Sudharshana De Silva, PC, and Central Bank of Sri Lanka (CBSL) Financial Intelligence Unit (FIU) Deputy Director Theja Pathberiya. Their presentations provided authoritative insights into national AML/CFT frameworks, regulatory developments, and enforcement mechanisms, significantly enriching the technical depth of the discussions.
In his introductory remarks, OPA Vice President and National Issues Committee Chairman Bhanu Wijayaratne, the moderator of the session, emphasised the importance of Sri Lanka’s commitment to strengthening its legal and institutional architecture to combat financial crime. He outlined the three-stage process of money laundering, namely placement, layering, and integration, highlighting the complexity of illicit financial flows and the necessity of vigilance across all professional sectors.
He further highlighted that Sri Lanka’s AML and Countering the Financing of Terrorism CFT regime is built on three key legislations: the Conventions on the Suppression of Terrorist Financing Act, No. 25 of 2005 (CSTFA), the Prevention of Money Laundering Act, No. 05 of 2006 (PMLA), and the Financial Transactions Reporting, Act No. 06 of 2006 (FTRA). These laws criminalise terrorist financing and money laundering, while strengthening the powers and functions of the FIU and obligations of financial and non-financial institutions.
He also highlighted Sri Lanka’s commitment to complying with international standards, including the Financial Action Task Force (FATF) 40 Recommendations and Mutual Evaluation processes.
The technical session, delivered by De Silva, PC, provided an in-depth legal analysis of drug trafficking offences and their nexus with financial crime. He further elaborated on statutory enforcement mechanisms, evidentiary standards, and judicial interpretations relating to asset recovery and unexplained wealth provisions, offering participants a comprehensive understanding of the operational application of AML/CFT laws in Sri Lanka.
The seminar further reviewed Sri Lanka’s progress in implementing recommendations arising from Mutual Evaluation with specific emphasis on the steady improvement in compliance ratings and the strengthening of institutional frameworks. In this context, Pathberiya highlighted that these developments reflect a sustained and coordinated national effort to enhance regulatory effectiveness, reinforce enforcement capacity, and ensure continued alignment with evolving international standards.
The seminar concluded with an interactive Q and A session, reinforcing the critical role of professionals in ensuring compliance, transparency, and ethical conduct in financial practices. Participants were encouraged to strengthen institutional vigilance and uphold their responsibilities in protecting the integrity of Sri Lanka’s financial system.