TARGETED FINANCIAL SANCTIONS COMMITTEE REVIEWS PREPARATIONS FOR UPCOMING MUTUAL EVALUATION

The Targeted Financial Sanctions Committee convened a meeting on 12 January 2026 at the Ministry of Defence Premises, under the chairmanship of the Secretary to the Ministry of Defence, in his capacity as the Competent Authority of Sri Lanka. The aim of this meeting is to review the preparedness of the Targeted Financial Sanctions Committee stakeholders' for the upcoming Mutual Evaluation scheduled to commence in March 2026.

The discussion primarily focused on the progress of preparatory work in line with the approved Institutional Action Plan, stakeholder responsibilities and inter-agency coordination required to demonstrate effective implementation of Targeted Financial Sanctions under relevant United Nations Security Council Resolutions.

Special attention was given to strengthening institutional readiness and clarifying the roles of key stakeholder agencies in implementing asset-freezing measures, both financial and non-financial, in accordance with the national laws and regulations implemented under United Nations Security Council Resolutions.

The Director Financial Intelligence Unit, Central Bank of Sri Lanka has presented on the Financial Action Task Force (FATF) Standards, with emphasis on how these standards should be effectively applied to address technical compliance and effectiveness requirements during the Mutual Evaluation process.

The secretary to the Ministry of Defence has reviewed existing mechanisms, identified gaps and outlined practical steps to enhance coordination, documentation and operational effectiveness across institutions responsible for implementing Targeted Financial Sanctions.

The meeting reaffirmed the collective commitment of all stakeholder agencies to ensure a coordinated, transparent and robust national framework in preparation for the Mutual Evaluation.

Participants included the Chief of National Intelligence, representatives from the Office of the Competent Authority, Ministry of Foreign Affairs, Ministry of Fisheries, Aquatic and Ocean Resources, Attorney General's Department, Registrar General's Department, Department of Motor Traffic, Inland Revenue Department, Registrar of Companies, Merchant Shipping Secretariat, Department of Emigration and Immigration, NGO Secretariat, Department of Registration of Persons, Sri Lanka Customs and relevant law enforcement authorities.