Strengthening Anti-Money Laundering Frameworks in Sri Lanka: Evaluating Legal Challenges and International Compliance | Chapter 1 | New Advances in Business, Management and Economics Vol. 5

The criminal practice of money laundering (ML) is increasingly interconnected across various jurisdictions due to its transnational nature. ML poses a significant threat to global financial systems, necessitating coordinated efforts at both national and international levels to combat its adverse effects. Law enforcement agencies within anti-money laundering (AML) frameworks face significant challenges in addressing this issue. It is crucial to comprehensively understand the fundamental principles of ML as a step toward developing effective AML standards. This research examines the impact of ML within the financial sector in Sri Lanka, focusing on strengthening anti-money laundering frameworks. It also explores the proactive measures implemented by financial institutions to mitigate the infiltration of illegal funds, ensuring the provision of secure and reliable financial services to the nation while safeguarding the long-term sustainability of the financial sector, within the context of evaluating legal challenges and international compliance. Methodologically, this research adopts a doctrinal approach to examine and analyze international perspectives and global initiatives to combat ML and evaluates the adherence of Sri Lankan entities to these standards, highlighting areas for improvement. Through a comprehensive analysis of Sri Lanka's AML efforts, this research aims to provide insights into effective strategies for combating money laundering in similar contexts globally. The study emphasizes the significance of combating ML as a pervasive issue and focuses on Sri Lanka's experience in addressing ML, examining the effectiveness of its legal frameworks, enforcement mechanisms and compliance with international standards. Despite enacting laws such as the Prevention of Money Laundering Act, Financial Transaction Reporting Act and establishing a Financial Intelligence Unit, Sri Lanka continues to face challenges due to coordination difficulties, political interference, weak monitoring systems and ineffective implementation. This paper analyzes these challenges and explores efforts to enhance the powers of the FIU to strengthen the country's AML regime. The research finds that to enhance its AML efforts, the country should prioritize continuous evaluation of its systems, use advanced technology for detection and promote international collaboration while promoting public awareness and education on financial crimes.  Furthermore, it highlights the establishment of a proactive, multi-faceted strategy and strong local AML system that adheres to global standards for safeguarding Sri Lanka's economic stability and integrity in the global financial community.

 

Author (s) Details

Wellalage Indira Nanayakkara
Faculty of Law, University of Colombo, Sri Lanka.

 

Please see the book here:- https://doi.org/10.9734/bpi/nabme/v5/4996

Compliance and Enforcement Challenges in the National Building Regulations’ Processes of South Africa | Chapter 12 | Recent Advances in Science and Technology Research Vol.5

 

The chapter discusses the compliance and enforcement processes of the National Building
Regulations of South Africa. These processes are administered by the National Regulator for
Compulsory Specifications (NRCS) in terms of the National Building Regulations and Building
Standards Act 103 of 1977 (The Act). The objective was to investigate the how the business
processes by the NRCS have enforced Building Control Officers at the Local Authorities nationwide to
comply with the safety of buildings for building occupants or end-users. The investigation was largely
motivated by the high number of injuries, deaths and/or human lives affected and reported due to
collapsing and defective buildings. It was a case study based on disasters occurred and reported at
various Local Authorities, in private residential homes, government-owned buildings, abandoned and
commercial buildings, such as shopping malls. This study was conducted using discussions and
survey with affected stakeholders. The stakeholders ranged from building owners, prospective
building owners and/or building occupants, built-environment practitioners, Local Authorities’ Building
Control Officers and the Regulator. The relevant information was gathered in an ethical manner and
for the intended study only. The empirical findings revealed that there was a critical need for business
process review and strategy shifts that advance objectivity and benefits to compliance, visibility and
awareness of regulatory process. The output is a proposed re-design of NRCS business processes
that can effectively enforce compliance of the building regulations of South Africa.

Author(s) Details

Michael Twum-Darko
Faculty of Business and Management Sciences, Cape Peninsula University of Technology, Hanover and Tennant Street, District Six Cape Town, South Africa.

Patricia Ntombizodwa Mazibuko
Faculty of Business and Management Sciences, Cape Peninsula University of Technology, Hanover and Tennant Street, District Six Cape Town, South Africa.

View Book :- https://bp.bookpi.org/index.php/bpi/catalog/book/241