News

New Foreign Exchange Bill in conflict with Money Laundering Act

17 July 2017 - 190   - 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.”

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