What Prevention of Money Laundering Act, No. 5 of 2006 requires
Sri Lanka's Prevention of Money Laundering Act, No. 5 of 2006 criminalizes money laundering in Section 3, imposes a duty to disclose knowledge or belief of money laundering to the Financial Intelligence Unit in Section 5, provides for property tracking and monitoring in Section 12, and sets out interpretation including 'unlawful activity' in Section 35. The Section 3 offence carries imprisonment of five to twenty years and substantial fines tied to the value of the property.
Pillar: Financial Crime, AML & Sanctions · Authority: Parliament of the Democratic Socialist Republic of Sri Lanka; Financial Intelligence Unit of Sri Lanka · Version: 1.0.0 · Last updated:
Primary source: https://fiusrilanka.gov.lk/docs/ACTs/PMLA/Money_Laundering_Act_2006-5_(English).pdf
SHA-256 integrity: 615c9ae564816add6237a61ca52eb2404e406afabbe8dac9e1ec1f486bcbd7a5
Primary Citations — 7 traced to source
- Prevention of Money Laundering Act, No. 5 of 2006, Section 3 - Offence of money laundering (transacting or handling property derived from unlawful activity, knowing or having reason to believe its origin)
- Prevention of Money Laundering Act, No. 5 of 2006, Section 3 - Penalties: imprisonment of five to twenty years; fine not less than the value up to three times the value; forfeiture
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