News
No amnesty but provision to bring back legitimate foreign money
View(s):The Government will allow Sri Lankans holding undeclared funds in foreign banks to repatriate them to Sri Lanka if they have earned them through legitimate channels. The decision to attract such funds was made by the apex body headed by President Maithripala Sirisena. This body now monitors the workings of the Cabinet Committee on Economic Management (CCEM). The President reviews the CCEM’s discussions and decisions.
At the first meeting chaired by Mr. Sirisena, with Prime Minister Ranil Wickremesinghe in attendance, the matter was discussed at length. It was noted that the call for Sri Lankans holding funds abroad to bring their monies should not be termed an amnesty.
This is on the grounds that such a move would appear as acknowledging the inward remittance of money earned through illegal means such as smuggling, sale of drugs or from terrorist activity. The Government is to make clear its intentions when a formal offer, that will be formulated, is made public. The Legal Draftsman’s Department is to be called upon to put this into legal format before it is gazetted.
At one point during the discussion, a question was raised over the foreign assets of a leading opposition politician. What happens if he chooses to bring his moneys back, asked one of the participants. Another replied that he or she would have to prove how such funds were earned. The new move is prompted by the adverse financial situation in the country. Already the Government is examining measures recommended by the International Monetary Fund (IMF) in this regard.