09-12-2006
Sri Lanka\'s main opposition party has said the government should investigate suspected money laundering transactions in the Colombo Stock Exchange, when the vote on the finance ministry\'s budget was taken up in parliament this week.
UNP Parliamentarian Bandula Gunawardene, a former deputy finance minister said Sri Lanka is gaining a reputation as a place for money laundering with investors becoming concerned, after questions were raised at an investment forum in Singapore last month.
Concerns have also been raised in the media in Sri Lanka about several suspected financial transactions, on the Colombo Stock Exchange.
Analysts allege that some deals bear the classic hallmarks of a second-phase money laundering transaction known as \'layering\', in which at least two foreign commercial banks are said to be involved.
They also say there could be another case where co-mingling of assets is taking place, though authorities are yet to take action.
Gunawardene says action should be taken investigate suspect transactions, by the Financial Intelligence Unit, which was especially set up to counter money laundering.
He is one of a group of opposition parliamentarians who have asked for a select committee to probe the appointment of Central Bank Governor Nivard Cabraal over his alleged links to GoldQuest.
Gunawardene speaking in parliament said when N M Perera had charged from the opposition that Dudley Senanayake was helping the business interests of Robert Senanayake - who is current UNP Chairman Rukaman Senanayake\'s father - an all-party select committee had been immediately appointed.
The Committee had found him innocent and N M Perera had later apologised. Gunawardene said those were the rich traditions of the parliament in Sri Lanka in bygone days.
Gunawardene asked why the government was reluctant to appoint a select committee, so that Governor Nivard Cabraal could be given a chance to clear his name if he was innocent.
A scandal erupted in the country after a special investigation unit that was instrumental in the arrest of several GoldQuest activists under Sri Lanka\'s anti-pyramiding, was suddenly disbanded by the Central Bank after Cabraal became its governor.
The Financial Intelligence Unit also functions inside the Central Bank.
Gunawardene says the government should also reveal what progress has been made in the investigations against pyramid schemes which were preying on youth in outstation areas.
http://www.lankaeverything.com/vinews/business/20061209005340.php
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