H’tota oil refinery project a barrier to unshackle from FATF ‘Grey List’: TISL

29 March 2019 10:43 am - 0     - {{hitsCtrl.values.hits}}

A A A

Transparency International Sri Lanka (TISL) this week said the controversy surrounding the proposed US $ 3.85 billion oil refinery in Mirijjawila, Hambantota, could have a negative impact on Sri Lanka’s efforts to remove itself from the Financial Action Task Force’s (FATF) ‘Grey List’ of countries vulnerable to money laundering and terrorism financing. 
The main investor in the project, the Singapore-based investment vehicle, Silver Park International PTE Ltd, is a company controlled by the family of Tamil Nadu politician and former Indian Union Minister Dr. S. Jagathrakshakan, whose business interests have previously been implicated by Indian authorities and the media in several alleged corruption scandals, a TISL statement said. 


Of the 40 FATF recommendations, which set the international standards on combatting money laundering, the recommendation 12 requires that reasonable measures are taken to ascertain the source of wealth and source of funds in transactions involving politically exposed persons. “In light of the efforts being made by the Central Bank of Sri Lanka to get off the FATF Grey List, it is essential that the Board of Investment (BOI)  conducts enhanced due diligence on the Silver Park International investment, given that its directors fall squarely within the FATF definition of politically exposed persons,” TISL Executive Director Asoka Obeyesekere said.  


Given the confusion relating to the parties engaged in the project, TISL also called on all state agencies to ensure adherence to proactive disclosure provisions outlined in the Right to Information Act. Section 9 of the RTI Act requires the line minister of a given project to publicly communicate all available information relating to the project, three months prior to commencement.  


“The importance of such information being in the public domain cannot be understated, especially in the case of major foreign direct investment which will have a direct impact on the local economy. Ensuring transparency and accountability in these processes will also enhance the country’s efforts to attract bona fide foreign investment,” Obeyesekere said. 

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




H&M labels dumped in Nature Reserve

A group of volunteers during a clean-up of the Wetahirakanda Nature Reserve h

Employees’ health and safety our top-most priority - Brandix

When inquired, Brandix Apparel Limited said that health and safety of employe

“Workers who fainted had water sprinkled on their faces and had to work again”

Health authorities believe the first reported Covid-19 infected worker from t

“Social media ruined us” - husband of Minuwangoda Brandix factory worker

The Minuwangoda Brandix factory worker who first tested positive for Covid-19

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.