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唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
复旦大学国际金融学院教授,中国反洗钱研究中心执行主任,陆家嘴金...
陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
李小杰
李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
武汉中南财经政法大学信息安全学院教授。长期专注于反洗钱/反恐...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任安永管理咨询服务合伙...
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上传时间: 2023-06-06      浏览次数:723次
Sri Lanka’s Anti-Money Laundering assessment, soon

 

https://www.newsfirst.lk/2023/06/05/sri-lanka-s-anti-money-laundering-assessment-soon/

 

President Wickremesinghe said that Sri Lanka’s next country assessment on Anti-Money Laundering and Countering the Financing of Terrorism will commence soon. The assessment, slated to commence soon, holds immense significance as it directly impacts the country’s ease of doing business rating and its ability to attract foreign investments.

 

In an important development, Sri Lanka has been informed about the impending country assessment on anti-money laundering and countering the financing of terrorism. This assessment holds significant weight as Sri Lanka’s compliance in these areas is crucial for enhancing the ease of doing business rating and attracting foreign investments.

 

As discussions unfold, it becomes apparent that addressing the identified gaps in the anti-money laundering and counter-terrorism financing framework is of utmost importance. Failure to rectify these gaps poses a potential risk of Sri Lanka once again being labelled as a country with strategic deficiencies. Such a designation could have severe adverse effects on the country’s economic development.

 

Recognizing the urgency, it is imperative for Sri Lanka to prioritize bridging these gaps, which will also support the governance and anti-corruption framework, ensuring the successful implementation of the International Monetary Fund (IMF) program.

 

During the discussions, various issues have come to light. One major concern is the bureaucratic hurdles and legal complexities faced by the citizens, resulting in frequent court visits. Participants reflect upon the past, where significant infrastructure projects were accomplished within specified timeframes, even amidst an ongoing war. However, the current administrative structure and an excess of legal professionals hinder the timely completion of projects, demanding a comprehensive review.

 

To tackle these challenges effectively, a recommendation is made for all stakeholders, including the bench, the bar, the government, and the parliament, to convene and compile a joint report. This collaborative effort would provide a clear roadmap for addressing the backlog and delays caused by legal proceedings. Additionally, it is emphasized that the formulation of a national policy, determined by parliament rather than the cabinet, is essential to resolve various issues and ensure broad agreement on critical subjects.

 

Following is the speech delivered by President Ranil Wickremesinghe

 

Well, it’s been a long and fruitful discussion, but I don’t think I should keep you all too long because yesterday, I was given 15 minutes, but I nearly took twice that time. As the representative of the government, along with the three panel members, I will address the issues raised. One of the primary complaints has been the bureaucracy, laws, and the increasing frequency of court visits. Reflecting on my 17 years in government, during the first ten years, we successfully constructed seven large reservoirs in the Mahaveli scheme, as well as Samanala Wewa and Lunugam Vehera outside of it. We also built the Left Bank canals, Right Bank canals, and completed all these projects on time.

 

During President Jayawardena’s tenure, we established two investment promotion zones and a new capital with a parliament, along with several buildings. During President Pramadasa’s time, we developed two more investment promotion zones, including 200 garment factories. We managed to stay on schedule, with no major overruns, despite the on-going war at that time. However, the current circumstances make it challenging to achieve similar results. Therefore, we need to re-evaluate the entire administrative structure. Regarding the issue of backlog and law delays, which Justice Priyantha Gunawardane emphasized, I propose that all stakeholders, including the bench, bar, government, and parliament, come together to produce a unified report. This would facilitate parliamentary action and allow input from opposition lawyers.

 

We can all convene and work out the necessary steps within a short period of time. As a representative of the government, I will ensure the involvement of the Secretary and the treasury, depending on the available resources. Adequate funding is essential. Additionally, I recommend that the unofficial bar, official bar, and bench provide a report on other raised concerns. The lack of a national policy contributes to some of these problems. While most governments have neglected the formulation of national policies, our constitution places the responsibility on parliament rather than the cabinet. Therefore, we aim to implement this system and have already established a committee on national policy. Though agreement among all may not be guaranteed, striving for the broadest possible consensus on various subjects is our objective, ensuring their enactment.

 

Now, addressing the energy issue, we must first focus on unbundling the Ceylon Electricity Board (CEB). Unbundling was advised by the Asian Development Bank in 2003, but later, due to union influence, the government reversed the decision. The unions now insist on unbundling. Had we done it in 2004, we would have avoided the current problem.

 

The second issue pertains to renewable energy. We have a renewable energy authority under the 13th Amendment and it’s under the Provincial Councils and the other is hydroelectricity. As for the national grid, its definition remains incomplete, allowing for the possibility of parallel grids. Consequently, an energy regulator, specifically an electricity regulator, is necessary to balance the powers of the CEB and the Provincial Councils. We are currently exploring the appropriate regulatory framework and seeking resolutions for the raised concerns, including tariffs. Furthermore, we have initiated a committee on Digital Transformation to drive digitalization in the government. During my tenure as Minister of Industries and Technology, we discussed digitalization in customs, but even after 30 years, progress has been insufficient. The presence of numerous lawyers leads to further complications, with court stays being sought amid on-going processes. To address this problem, we are introducing a new system inspired by the Malaysian model the Lab methodology. This system involves bringing all stakeholders together to discuss and provide a report within six weeks, which the government will then implement. In the Sinhalese language, we refer to this approach as “Sanghayana” where everyone participates, discusses, and returns with recommendations. This methodology aims to resolve government-related issues and streamline procedures in collaboration with the private sector. Lastly, regarding the local firms, we will provide assistance to competitive companies to improve their competitiveness. However, non-competitive local firms cannot expect special treatment. In the past, we focused heavily on the construction sector, providing BOI proposals and tax incentives. Our economy became overly reliant on concrete-related activities. While we support the growth of our construction and real estate firms, we also encourage other companies to come if they meet our standards. A level playing field is essential for development. By looking beyond our borders and adopting a unified policy, we can overcome the challenges we face. I won’t take any more of your time as you have other sessions and a lunch break. I extend my gratitude to all of you, and let’s follow up on these matters. Finally, I want to emphasize that we are preparing for the upcoming country assessment on anti-money laundering and countering the financing of terrorism. Sri Lanka recognizes the importance of addressing the identified gaps, strengthening our governance framework, and ensuring compliance. With the support and cooperation of all stakeholders, we strive for sustainable economic development and international cooperation.