Tamil Diplomat

India to help Sri Lanka set up FIU to trace billions stashed abroad by Mahinda Rajapaksa

India will help Sri Lanka set up a finance intelligence unit (FIU)-like entity in the island nation at Colombo’s request to trace more than $5 billion allegedly stashed overseas by the erstwhile Rajapaksa regime.

President Maithripala Sirisena is moving to fulfill electoral promises to check corruption and repatriate money allegedly siphoned off abroad by Mahinda Rajapaksa, who ruled Sri Lanka for a decade, and members of his family, government sources told ET.The new Lankan regime has informally approached the Narendra Modi government to assist in setting up the body, sources said, adding that a formal proposal could be expected soon. The finance ministry will share its best practices with Colombo to set up the unit, which could be modelled after the Indian body, the sources indicated.

“We could help close neighbour Sri Lanka with capacity building exercise regarding FIU,” said an official familiar with the process.

Economictimes