BREAKING NEWS: Rs. 2.8 trillion illegal cash flow out of SL revealed

BREAKING NEWS: Rs. 2.8 trillion illegal cash flow out of SL revealed

BREAKING NEWS: Rs. 2.8 trillion illegal cash flow out of SL revealed

Written by Lahiru Fernando

11 Apr, 2016 | 7:28 pm

US-based Global Financial Integrity organisation has revealed an illegal cash flow of Rs. 2.88 trillion out of Sri Lanka in a ten year time frame – ending in 2013.

In an exclusive News 1st interview,  Joseph Spanjers, an Economist and Co-author of the report titled Illicit Financial Flows from Developing Countries from 2004-2013‘(IFF Report), Spanjers stated that nearly $20 billion USD left the country illicitly over the ten years from 2004 – 2013. According to Spanjers, of that $20 billion, $17 billion dollars left through trade mis-invoicing primarily through import over invoicing or overstaying of trade or volume of a good that is imported into Sri Lanka.

The IFF Report co-author also encouraged the use of a Financial Intelligence Unit or some part of the treasury to look into some further investigations stating that he would be happy to work in confidence with the Sri Lankan Government to develop implementing policies to reduce illicit financial flows from the country.

News 1st’s attempts to get a statement from the former governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal proved futile as the former Governor refused to comment on the matter. Former CBSL Governor Cabraal served as the head of CBSL for seven out of the ten years investigated Global Financial Integrity.

Await more details…

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