Mirijjawila oil refinery controversy could hamper SL's removal from FATF 'grey list' : TISL

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The controversy surrounding the Mirijjawila oil refinery can negatively impact Sri Lanka's efforts to remove itself from the Financial Action Task Force’s (FATF) ‘Grey List’ of countries, Transparency International Sri Lanka (TISL) said today (Mar 27).

The FATF's 'grey list' denotes countries which are vulnerable to money laundering and terrorism financing.

Issuing a special statement, TISL noted that the main investor of the project Silver Park International PTE Ltd, is a company controlled by the family of Tamil Nadu politician S. Jagathakrishnan who has been implicated in several alleged corruption scandals.

“In light of the efforts being made by the Central Bank of Sri Lanka to get off the FATF Grey List, it is essential that the Board of Investment conducts enhanced due diligence on the Silver Park International investment, given that its directors fall squarely within the FATF definition of politically exposed persons,” TISL Executive Director Asoka Obeysekere said.

The statement also called on the relevant state authorities to disclose all details pertaining to the project three months before its implementation as per Section 09 of the RTI Act.

"Ensuring transparency and accountability in these processes will also enhance the country’s efforts to attract bona fide foreign investment,” Mr. Obeysekere said in the statement.

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