FDI coming through proper banking channels: BOI

Meanwhile, Sri Lanka’s Board of Investment (BOI) yesterday said all Foreign Direct Investment (FDI) brought into Sri Lanka is channeled through a proper banking system as per the foreign exchange regulations in Sri Lanka. 

“Foreign Direct Investment brought into Sri Lanka, including the oil refinery project in Hambantota, is channeled through the approved local banking system through Inward Investment Accounts (IIA) as per the Foreign Exchange Act and its regulations in Sri Lanka,” BOI said in a statement.   

It further said all financial transactions concerning the oil refinery project at the Mirijjawila Export Processing Zone, Hambantota, are routed through reputed commercial banks of Sri Lanka.
“All commercial banks have their own AML/CFT regulations, which are also carefully monitored by the Financial Intelligence Unit of the Central Bank of Sri Lanka,” BOI said.