The Government has presented three Bills: the Finance Business Bill, the Prevention of Money Laundering Bill and the Suppression of Terrorist Financing Bill by way of cracking down on money laundering that has become an international issue, stated Senior Minister for Human Resources DEW Gunasekara in Parliament yesterday (Sep 21).

“Money laundering is today a worldwide phenomenon operating across the borders of sovereign countries. The task of combating it is extremely difficult which needs in-depth research, monitoring and investigation and exchange of financial intelligence information”, he said.

As the Minister noted, the three bills will introduce new provisions of law. The Finance Business Bill will replace the Finance Companies Act of 1988. Accordingly, taking deposit without authority is an offence. It will also enhance powers of examination and investigation.

Bringing amendments to the Act of 2005, the Prevention of Money Laundering Bill covers those who commit money laundering in Sri Lanka. The third bill for the suppression of terrorist financing adds new definitions to funding. It will cover assets kept in various forms in and out of Sri Lanka.

Minister Gunasekara said, “This money laundering cycle takes place in Sri Lanka in large measure after the advent of neo-liberalism. There are living moments of money laundering in our country, in the city of Colombo, in particular. They subsequently become respected gentlemen, walking along the corridors of power and tapping at the doors of political power. You witnessed how such squandered money found their way to the jungles of Mullaitivu. They find their way to Election Funds as well. They are reflected in the stock-markets too”.

“The possible social and political costs of money laundering are serious and alarming. They will weaken the social fabric, ethical standards, and democratic institutions”, he added. The new bills have been introduced to effectively combat this situation.