Ranil warns Sri Lanka will be blacklisted if Port City Bill enacted

26 April 2021 06:41 am - 25 - {{hitsCtrl.values.hits}}

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Whilst warning that Sri Lanka will be blacklisted once again by the Financial Action Task Force as a centre for money laundering if the Port City Economic Commission Bill is enacted in its present form, Former Prime Minister Ranil Wickremesinghe yesterday called for amendments to the proposed legislation to avoid such a situation.

“Sri Lanka was blacklisted by the Financial Action Task Force (FATF) in 2011 and was included in the grey list later when we presented a corrective situation in 2015. Later in 2019, Sri Lanka was totally removed from the list of countries that had anti-money laundering deficiencies. The Port City Economic Commission Bill had proposed wide powers to the commission that will administer the offshore city. The commission will get wide powers even to allow gaming and to set up offshore banks where those who are engaged in gaming could deposit their monies. It will even be possible to engage in online gaming. Sri Lanka had already awarded four gaming licences. One of those licence holders can be allowed to start up a gaming centre in Port city. There is no necessity to award new licences,” Mr. Wickremesinghe said in a special statement.

“Also the government has not mentioned anything about new laws that allow offshore financial services such as banking and insurance. The absence of such laws and removing Port City from the purview of the Finance Ministry and making it independent from Parliament will make one conclude that the sole objective of the Port City is to convert it to a gaming centre where black money is turned white. This will result in Sri Lanka being included as a nation that has anti-money laundering defences. This in turn would be a blow for Sri Lanka’s economy. Therefore, the entire Parliament should get together and bring in amendments to the Port City Bill. Besides, the government should come up with its official stand on this matter,” he added. (Yohan Perera)

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Comments - 25

Sama Gee Monday, 26 April 2021 08:59 AM

When you handed over the Hambantota Harbour didn't you have the same risks?

Neo Monday, 26 April 2021 09:10 AM

Looks like he thinks gaming equals money laundering. In that case USA should too be included in the black list. Oh wait half the developed world will be in the black list.

Kumar Monday, 26 April 2021 09:26 PM

You are wrong about USA. In the US every time a $1000 withdrawal is made, that transaction is flagged. Law enforcement bust money launderers 24/7. When buying a house for cash, the buyer has to prove it is legit money. When the seller makes big deposit the red flag goes up.

JeffK Monday, 26 April 2021 09:11 AM

Gaming does attract a section of wealthy tourists. We don't need casinos every where in the country but one international level casino in port city will help the tourism industry. Look at what Marina Bay Sands did to Singapore.

Jiff Monday, 26 April 2021 09:13 AM

We certainly need offshore financial services to setup here. Is Dubai International Financial Centre a money laundering setup?

Ronnie Bugger Monday, 26 April 2021 09:28 AM

The UNP hopes to nominate this dried up old fart to Parliament within a month from now, hence he wants his voice heard from now.

Sandy Monday, 26 April 2021 09:35 AM

You have zero credibility

Sunil Monday, 26 April 2021 09:42 AM

Fools, without talking about who says, pay attention to what he says if you you are interested in the well being of the country. Just think with an open mind!

Andrew Schucroft Monday, 26 April 2021 11:29 AM

Fool, you are a slave to toyya thinking.

Lanka Monday, 26 April 2021 10:04 AM

Eluson no job at home!

doom and gloom Monday, 26 April 2021 10:04 AM

the comments are really assuring finally sri lankans ought to see the good in things rather than the bad

das Monday, 26 April 2021 10:04 AM

Our idiots may not vote for him but that's because you can fool our fellows most of the time due to their inferiority complexes. Make no mistake, he's not wrong on this.

Fear Monday, 26 April 2021 10:37 AM

You are right sir. You are also black listed by the people.

Don Monday, 26 April 2021 10:58 AM

I am not a fan of Ranil. However he is correct here. I once registered into an online lottery company to purchase a few tickets now and then. Then there was news article that a Sri Lankan man was denied a lottery winning due to being born in Sri Lanka. So I checked with the company. They immediately canceled my membership and said your country is in the list of international money laundering and you were born there. This happened in 2017.

Kapila Monday, 26 April 2021 11:37 AM

Majority of people voted for the clown despite knowing his involvement in the Easter bombing. Do you really think people care about money laundering?

Jeeves Monday, 26 April 2021 12:34 PM

We need to attract the right calibre of tourist to Sri Lanka, not nefarious characters. Look at what happened to Thailand! Beauty of their country is eclipsed by sleeze; a magnet for dodgy tourists!

Jeeves Monday, 26 April 2021 12:34 PM

We need to attract the right calibre of tourist to Sri Lanka, not nefarious characters. Look at what happened to Thailand! Beauty of their country is eclipsed by sleeze; a magnet for dodgy tourists!

SandunW Monday, 26 April 2021 12:40 PM

Our 2600 year old Buddhist cultural values should be the foundation, and steering force behind the development of our country! We don't need cheap attractions to encourage tourists here. Quality rather than quantity is always better!

FF Monday, 26 April 2021 01:23 PM

GETTING THE COUNTRY BLACK LISTED WILL BE ANOTHER HONORABLE AWARD FOR NANDASENA

johan Monday, 26 April 2021 02:26 PM

One way he is clever he knows in and out and also every corner of SL, unlike our present govt.politicians who trumpet empty promises.The problem with him is he gives more responsibilities to cooks and crooks whom spoil the entire soup

dickie bird Monday, 26 April 2021 02:27 PM

Need high end tourists. Ranil can go to pot. Handover the Port City running to the Chinese

Prof Jey R Monday, 26 April 2021 03:04 PM

UNP must come back to power. SLPP SJB MY3 MPs in Parliament is Bad Luck for Sri Lanka.. Doing stupid stuff always.. Paying for fake news, fb profile and online comments to support MR

BuffaloaCitizen Monday, 26 April 2021 03:11 PM

You fight a war killing thousands of your own citizens denying the rights of your own brothers in the country and then sell each part of the country to the Chinese... these are the Sinhalese.

Shehan Andrew Monday, 26 April 2021 05:56 PM

Sri Lanka did get blacklisted cum high risk country from the EU as a centre for Financial crime and money laundering in 2016 during RE Yahapalanaya govt if you recall your memory.

vince Tuesday, 27 April 2021 01:32 AM

How did he arrive at this assertion? The loser is trying hard to get into the headlines.

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Ranil warns Sri Lanka will be blacklisted if Port City Bill enacted

Comments - 25

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