Special Police team to probe informal forex trades

COLOMBO (News 1st); A special team under the Illegal Assets Investigation Division has been appointed to conduct investigations into persons who are trading foreign exchange through informal means such as Undiyal and the Hawala method.

The team has been appointed by the Inspector General of Police at the request of the Governor of the Central Bank.

It has been observed by the Central Bank of Sri Lanka that the main reason for the intensification of the economic crisis faced by the country is the shortage of foreign exchange.

And therefore, one of the main reasons for the crisis is the transfer of money outside the legal banking system through methods such as Hawala and Undiyal.

Moreover, it has been observed that migrant workers making foreign currency transactions outside the banking system through informal means for the importation of essential and non-essential goods has also negatively impacted this crisis.

Accordingly, Police have requested the people not to receive and send any foreign remittances through informal means in the future.

The police will also coordinate with CBSL officials to carry out further investigations in the future.