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Central Bank Governor Dr. Nandalal Weerasinghe has expressed confidence that Sri Lanka will avoid being placed on the Financial Action Task Force (FATF) grey list for a third time as the country undergoes a crucial international evaluation of its anti-money laundering and counter-terrorism financing framework.
Speaking at an Anti-Money Laundering and Anti-Corruption Thematic Fund event in Thailand, held on the sidelines of the IMF-World Bank Annual Meetings, Weerasinghe said the country had undertaken extensive legal, regulatory and institutional reforms ahead of the assessment.
An on-site evaluation by international assessors commenced in Sri Lanka this week and is scheduled to continue for two weeks. The assessment will examine the effectiveness of the country’s measures to combat money laundering, terrorist financing and related financial crimes.
Weerasinghe recalled that Sri Lanka had been grey-listed twice, in 2014-2015 and again in 2017. Technical assistance from the International Monetary Fund (IMF) had played an important role in strengthening risk assessment frameworks for licensed banks and finance companies, helping the country secure its exit from the grey list by 2019, he said.
He described the current evaluation as particularly significant, noting that authorities had spent several years preparing with the aim of preventing another grey-listing.
A key step in this process was the IMF’s Governance Diagnostic Assessment in 2023, which identified weaknesses in governance structures and anti-corruption systems. Sri Lanka was among the first countries in Asia to publicly release the report, enabling stakeholders to identify the reforms required, the Governor said.
The assessment’s findings subsequently informed national risk assessments conducted in 2024 and 2025, which helped guide preparations for the current evaluation.
Weerasinghe said the government had since introduced a series of legislative and institutional reforms aimed at bringing Sri Lanka’s financial governance and regulatory framework into line with international standards.
These included the establishment of an asset recovery framework through CLIMAC, the enactment and implementation of a new Anti-Corruption Act, amendments to public finance legislation, reforms to Customs and Excise revenue administration, and the introduction of the National Audit Act.
Amendments to the Banking Act were also introduced to strengthen corporate governance and regulatory oversight, while changes to the Companies Act established beneficial ownership requirements in line with FATF recommendations.
Further amendments were made in 2026 to the Financial Transactions Reporting Act, the Prevention of Money Laundering Act and the Convention on the Suppression of Terrorist Financing Act to address evolving international standards.
However, the Governor stressed that enacting legislation alone would not be sufficient to secure a favourable outcome. Authorities must demonstrate that the laws and regulatory measures are being effectively implemented by the relevant institutions and enforcement agencies.
“The challenge now is to show that these laws work and that the framework is effective,” he said, underscoring the importance of demonstrating tangible results in practice.
Weerasinghe expressed confidence that the reforms undertaken, together with the support of domestic institutions and international partners, would help Sri Lanka successfully complete the evaluation without returning to the FATF grey list.
The outcome of the assessment is expected to be closely watched by international financial institutions, investors and development partners as Sri Lanka seeks to demonstrate the effectiveness of its financial oversight, anti-corruption and anti-money laundering measures.
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Leaders of the United States, China and Russia are set to hold an unprecedented three-way meeting next week, the White House has said.
US President Donald Trump, Chinese President Xi Jinping and Russian leader Vladimir Putin will meet on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Shenzhen, China’s tech hub, the White House assistant press secretary confirmed in an announcement.
The talks will be held nine months after the last nuclear arms treaty between Washington and Moscow expired, leaving the world’s two countries with the largest atomic arsenals without caps for the first time in more than 50 years.
Opposition Leader Sajith Premadasa yesterday said that kissing Kawanthissa, the deceased tusker, was worthier than kissing the head of the International Monetary Fund (IMF).
Speaking in Parliament, Premadasa criticised the Government’s relationship with international financial institutions, including the IMF, World Bank and Asian Development Bank (ADB), while raising concerns over the country’s poverty levels.
Referring to a 2025 World Bank report, he said 61.1% of Sri Lanka’s population was estimated to be living on less than US$8.30 a day in 2025.
Premadasa questioned the Government’s approach towards international financial institutions, saying the IMF, World Bank and ADB were among the institutions that the Government preferred to “kiss and hug”.
During his speech, he produced a document carrying a photograph of Prime Minister Harini Amarasuriya greeting the then IMF chief with an embrace.
“I shouldn’t be showing this against the Prime Minister, but here’s an image of you kissing. That’s fine; it’s the normal way of greeting someone,” he said.
Referring to criticism over his widely publicised gesture of kissing Kawanthissa, Premadasa said Government members had failed to understand the significance of the gesture.
He maintained that showing affection towards the deceased tusker was more meaningful and worthy than such gestures towards the IMF chief.
Ven. Balangoda Kassapa Thera and six others were remanded until November 26 by the Anuradhapura Chief Magistrate’s Court yesterday over a confrontation at a protest site near the historic Ruwanwelisaya.
The seven suspects, including four Buddhist monks and three civilians, were arrested following a clash on Thursday (12) between two groups at the site.
They were produced before Anuradhapura Chief Magistrate Siyapath Sasindu Wickramaratne on charges of assaulting and injuring Rajanganaye Saddharathana Thera and obstructing police duties.
Saddharathana Thera sustained head injuries during the confrontation and was admitted to the Anuradhapura Teaching Hospital.
The suspects had been staging a fast-unto-death protest near the Ruwanwelisaya in opposition to the proposed Anuradhapura Sacred City Development Plan and demanding the release of Ven. Galagodaaththe Gnanasara Thera.
Police said the group had continued the protest despite previous court orders to vacate the area.
The Chief Magistrate, who visited the Anuradhapura Teaching Hospital to inspect the monks and civilians receiving treatment, ordered that all seven suspects undergo drug tests and that a report be submitted to court.
The Magistrate also ordered that a psychiatric medical report be obtained concerning Ven. Balangoda Kassapa Thera.Police Spokesperson ASP F.U. Wootler said two women were among the civilians arrested in connection with the incident.
The Magistrate further directed Anuradhapura Headquarters Police to produce Ven. Balangoda Kassapa Thera before the Trincomalee Magistrate’s Court in connection with an arrest warrant issued after he failed to appear for a case there on November 11, and subsequently report back to the Anuradhapura Magistrate’s Court.
Police took the suspects into custody following the confrontation between the group led by Ven. Balangoda Kassapa Thera and another group led by Rajanganaye Saddharathana.
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