the cabinet has approved a proposal made by Minister of External Affairs Prof. G.L. Peiris to amend the Act in keeping with the recommendations of the Financial Action Task Force of the G 7 countries to eliminate the remaining deficiencies in the law. Explaining the government's decision to amend the act, the Cabinet Spokesman has said that to take action to suppress financing terrorism a legal framework is required and the proposed amendments are the first step of the process. The Sri Lankan government, responding to the threat from overseas LTTE organization, has launched legislative efforts focused on limiting financial support for the remnants of LTTE. Sri Lanka has provided a high-level written commitment to work with the Financial Action Task Force (FATF), an organization that combats international money laundering and terrorist financing, to implement corrective measures to adequately criminalize money laundering and terrorist financing.
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