News

Controversial oil refinery funds through proper channels

28 March 2019 - 118   - 0

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, the Board of Investment (BOI) said on Thursday.  

Responding to criticism of the project and also possible money laundering claims, the BOI said that in the case of the oil refinery project at the Mirijjiwila Export Processing Zone, Hambantota, all financial transactions by the investor are routed through a reputed commercial bank 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, it said. - ENDS -


 

 

  Comments - 0

  • Leave a comment



Top Stories

In pictures : Student unions protest outside US Embassy

Two student unions engaged in a joint protest opposite the US Embassy in Colombo today (Jun 27) against the US government's intereference ...

27 June 2019 - Views : 5

DMC issues 'extreme caution level' heat index advisory for four districts tomorrow

27 June 2019

Nearly 2400 suspects arrested after Easter Sunday attacks

27 June 2019

Court releases first suspect in Thajudeen's killing

27 June 2019



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

 

Features & Analysis

French Spring Festival : Featuring the 'cosmic drawings' of artist Philippe Baudelocque

Inspired by the universe French artist Philippe Baudelocque, finished drawing his signature monochromatic murals on t...

A helmeted mass

When I applied to cover the religion beat, I never thought I’d have to wear a helmet to do my job. But ...

Army personnel complete Chemical Biological Radiological and Nuclear (CBRN) training

The Sri Lanka School of Military Engineering at Embilipitiya as a supportive follow-up of the 7th Army to Army Staff ...

Monthly lecture of the Wildlife and Nature Protection Society on Climate Change and our responsibility

The monthly lecture of the Wildlife and Nature Protection Society will take place today at the BMICH on the them...



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