News

New Foreign Exchange Bill in conflict with Money Laundering Act

17 July 2017 - 163   - 0


What is “commission of an offence” under the proposed Foreign Exchange Bill which will come for approval before Parliament?
Special Assignments Minister Tilak Marapana, a former Attorney General has been “instructed to study the views made by R. Paskaralingam (advisor to the Prime Minister)” and define the words.

The minutes of the Cabinet Committee on Economic Management (CCEM), which has assigned this new task, note that “a lengthy discussion took place on the draft Foreign Exchange Bill. It was reported that the words ‘commission of an offence under the Prevention of Money Laundering Act No 5 of 2006’ of Section 8(5) will prevent people bringing foreign exchange back to Sri Lanka which contradicts the real objective of the Bill.”
The minute adds “It was also reported that the remittance must not be specified as US$ 10 million but can amend as one per cent from the total amount.”

  Comments - 0

  • Leave a comment

Top Stories

Court re-issues arrest warrant on Jaliya Wickramasuriya

The Colombo Fort Magistrate today re-issued the open warrant for the arrest of Sri Lanka's former Ambassador to the US, Jaliya Wickramasuriya....

24 April 2018 - Views : 49

Operation launched to catch rogue elephant inside Ridiyagama Safari Park

24 April 2018

Pakistan’s Jinnah Scholarships for 182 Sri Lankan students

24 April 2018

101 Trinco fishermen held for engaging in illegal fishing

24 April 2018



style="display:inline-block;width:300px;height:250px"
data-ad-client="ca-pub-6200193111498313"
data-ad-slot="1999573490">

 

Features & Analysis

Big Bad Wolf book sale enthusiasts can check out books on FB

The world’s biggest book sale, the Big Bad Wolf Book Sale, is coming back to Sri Lanka for the second time! Las...

Ministry of Crab pop up event in UK

Chef Dharshan Munidasa will return to the U.K. for a three-day Ministry of Crab Pop Up Event from  April 19 -21....

Miss Premier Ceylon with Miss England to get under way in May

Premier Ceylon, the hotels and hospitality company which has its corporate head office based in Virginia, USA, is rea...

Indian YouTube singer has tearful reunion after 40 years

An Indian man missing for 40 years has had an emotional reunion with his family after a YouTube video of him singing ...



style="display:inline-block;width:300px;height:250px"
data-ad-client="ca-pub-6200193111498313"
data-ad-slot="1999573490">