Banking sector faces elevated money laundering risks amid rising fraud and tax evasion

Sri Lanka’s banking sector is currently confronting a medium-high money laundering risk, compounded by emerging threats from financial fraud and tax evasion.

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These findings were recently published in the Sri Lanka National Risk Assessment on Money Laundering, Terrorist Financing, and Proliferation Financing 2024/25, a comprehensive evaluation coordinated by Central Bank of Sri Lanka;s Financial Intelligence Unit. The overarching national money laundering risk for the country has been evaluated as medium, but specific sectors are navigating distinct and pressing challenges.