26. Replacement of section 23 of the principal enactment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Section 23 of the principal enactment is hereby repealed and the following section is substituted therefor: -

23. (1) The supervisory or regulatory authority of an Institution, as the case may be, shall-

(a)

verify through regular examinations as may be required based on risks, whether Institutions comply with the provisions of this

Act and regulations, rules, Orders, guidelines, directions and circulars made or issued thereunder and shall report any non-compliance to the Financial Intelligence Unit;

(b)

co-operate with law enforcement agencies and the

Financial

Intelligence

Unit in any investigation, prosecution or proceedings relating to the offence of money laundering, terrorist financing or financing of proliferation of weapons of mass destruction or any offence constituting an unlawful activity.

(2)

In the absence of any supervisory or regulatory authority, the

Financial

Intelligence Unit shall carry out any verification referred to in subsection (1)

through regular examinations as may be required under the provisions of this Act.”.

Read on from s 27