The Central Bank of Sri Lanka (CBSL), along with the Financial Intelligence unit and the Police will take immediate action to curtail informal fund transfer channels, which would, in turn, further encourage migrant workers to use formal channels to remit their hard-earned foreign exchange to the benefit of their dependents.
According to Central Bank Governor Ajith Nivard Cabraal money coming from legitimate channels have come down in recent months, or USD 300 million were lost to unofficial channels in recent months. “We have a suspicion that there could be drug money involved in these types of transactions. Hence, we want to come down hard on those types of actions.
While encouraging people to send money through organized channels, we also make it unproductive for people to send money through any other means as we believe that those means are definitely not lawful and support unlawful activities.”
In order to track unusual patterns of money from accounts, money laundering tracking software has also been deployed.
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