Minister of Justice Rauff Hakeem said in Parliament yesterday that the Prevention of Money Laundering (Amendment) Bill which was passed yesterday would help the country in its fight against money laundering by Sri Lankans living abroad.
Speaking during the debate on the Bill in the House yesterday, Mr. Hakeem said that Sri Lanka would now be able to stop money laundering (which is essentially the act of exchanging money gotten from illegitimate means by sending it through a legitimate organization, i.e. a bank, after which the money flows back out as clean money) from occurring. We would thus be able to join other countries in the Commonwealth without having to sign agreements with those nations to fight this menace.
“We now have the means to detect and stop money flowing into the country that could fall into the hands of terrorist elements after these new laws are enacted,” the minister said.
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