“Panama papers” continues to cause a stir

“Panama papers” continues to cause a stir

“Panama papers” continues to cause a stir

Written by Tharushan Fernando

19 Apr, 2016 | 8:26 pm


Former Minister Vasudeva Nanayakkara says that he informed the President at the time, Mahinda Rajapaksa that money was going out of the country as exposed in the Panama Papers.

Former Minister Vasudeva Nanayakkara on Biz1st in Focus programme pointed out that the time in which Mahinda Rajapaksa was in office from 2005 to 2015 coincides with the times mentioned in the global Integrity report and all these reports coming from the International Arena

The former minister further added that he made Mahinda Rajapaksa aware that money was leaving the country and the value for the goods are not coming back to the country. So, that money is lying outside the country and these are serious matters which makes the country poorer in terms of foreign reserve.

The former minister further noted that when the issue was raised, the former president had called up the Secretary to the treasury Jayasundara and Ajith Cabral, the Governor of the Central Bank, to raise the issue with them.

“I raised the issue with them. And then their reply was that we are not in a control regime and that presently our finance is in an open regime with our current account convertible” said the former minister who added that Therefore there was no legal obligation for a person who has money going out of the country to bring it back in full or in part that it is entirely left to the person whether he will bring it back or not.


“We have to investigate this” charged Deputy Minister of Foreign Affairs ,Dr. Harsha de Silva who added that almost all countries that profess good governance have begun investigations and so the moment the governor steps foot back at the central bank from Washington there is hope that he will immediately instruct his officers to start this investigation in earnest.

“I expect the CBSL to come out with a comprehensive report on this very soon” said the deputy minister



Minister of Finance,Ravi Karunanayake stated that the necessary authority has been granted to investigate all areas where Sri Lankan companies have been involved, which has not been disclosed.

The Finance Minister pointed out that having a tax haven is not the problem but non-disclosure is the problem.




Panama Leak; Still creating ripples




In the wake of the biggest data leak in journalism, Panama will adopt international tax reporting standards and participate in the automatic exchange of tax  information by 2018, according to President Juan Carlos Varela.

The President stated that they will cooperate with other countries in order improve transparency and to prevent the illegal use of Panama’s financial systems

Members of the Organization for Economic Cooperation and Development, which helped establish the information-exchange scheme, will visit Panama as  early as this week to negotiate specific methods for sharing information


US tax officials have stated that they will look in to Panama Papers and have issued the option to “come forward voluntarily and participate in the IRS Offshore Voluntary Disclosure Program”.

Although the documents, leaked from the Panamanian law firm Mossack Fonseca, hasn’t yet revealed explosive information about US citizens or companies, the papers reportedly contain information that could implicate many Americans



The Maltese government has won a confidence vote in the the House of Representatives.

The opposition had presented a motion of no confidence in the government after the prime minister, Joseph Muscat, failed to remove energy and health  minister Konrad Mizzi and his own chief of staff, Keith Schembri, who were found to each have a secret company in Panama and a trust in New Zealand


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