Written by Staff Writer
06 Apr, 2019 | 6:34 pm
Colombo (News 1st): Transparency International Sri Lanka warned that Sri Lanka stands the risk of being further labelled as a country with a flack record of money laundering and terrorist financing.
The international watchdog was prompted into making this statement in the aftermath of the sketchy details being revealed by the government, on the proposed oil refinery project in Mirijjawila, Hambantota.
Raising their concerns on the available data, TISL said the controversy surrounding the proposed US$ 3.85 billion oil refinery could have a negative impact on Sri Lanka’s efforts to remove itself from the Financial Action Task Force’s ‘Grey List’ of countries vulnerable to money laundering and terrorism financing.
On the back of that concern, the government whilst not being completely out of the the woods on the stated Mirijjawila transaction, announced details about yet another multi-billion dollar project with a controversial track record with the full knowledge of Financial Action Task Force’s team of evaluators arriving in Sri Lanka to further assess Anti-Money Laundering and Countering the Financing of Terrorism in the country.
What appears to be an extremely incompetent due diligence process coupled with an almighty hurry to announce multi-billion dollar investments, is placing Sri Lanka at a real risk of slipping further down the murky path of nations highlighted as money laundering destinations resulting in real solid foreign direct investors shine away.
One must only recollect the Volkswagen Factory Saga and of course the Central Bank Treasury Bond Scam to understand the justifiable fears and doubts on the intentions behind these shady investments.
10 Sep, 2019 | 10:06 PM
09 Aug, 2019 | 10:59 AM
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