26 April 2021 06:41 am
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)