COLOMBO, April 22 — Sri Lanka has strengthened its national security and counter-terrorism financing framework with a renewed focus on Targeted Financial Sanctions, the Ministry of Defence said on Wednesday.
The measures are aimed at freezing assets, limiting access to financial systems and preventing designated persons or organizations from carrying out financial activities in the country, the ministry said.
Once a designation is published through a gazette notification, a legally binding freezing order comes into effect, resulting in the immediate freezing of bank accounts and restrictions on the use, transfer, sale or leasing of movable and immovable assets, the ministry said.
Authorities said Targeted Financial Sanctions form a key part of Sri Lanka’s efforts to prevent funds from flowing to terrorist activities, strengthen the integrity of the financial system and ensure compliance with international obligations under the United Nations framework and Financial Action Task Force standards. (Namibia Daily News/Xinhua)
