Former Prime Minister Ranil Wickremesinghe warned the government over social media that Sri Lanka will be blacklisted once again by the Financial Action Task Force (FATF) as a centre for money laundering if the Port City Economic Commission Bill comes into force in the present form.
Sri Lanka was blacklisted by the Financial Action Task Force (FATF) in 2011 and was included in the grey list later when we presented a corrective situation in 2015.
. The Port City Economic Commission Bill had proposed wide powers to the commission that will administer the offshore city. The commission will get wide powers even to allow gaming and to set up offshore banks where those who are engaged in gaming could deposit their monies. It will even be possible to engage in online gaming. Sri Lanka had already awarded four gaming licences. One of those licence holders can be allowed to start up a gaming centre in Port city. There is no necessity to award new licences,” Mr Wickremesinghe said
“Also the government has not mentioned anything about new laws that allow offshore financial services such as banking and insurance. The absence of such laws and removing Port City from the purview of the Finance Ministry and making it independent from Parliament will make one conclude that the sole objective of the Port City is to convert it to a gaming centre where black money is turned white.
He said Sri Lanka would tend to lose GSP+ with the advent of the CPCEC Bill and called upon the government to take corrective measures and to ensure a bright future for our youth without making it miserable.
