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Sri Lanka has long identified the risk of financial crime as a priority area, given the country’s history in battling a sophisticated terror organization. A number of measures were taken over the years and the government is currently working on bringing on necessary amendments to some of the existing regulations with the objective of preventing financial crimes.

Minister of Finance and Media Mangala Samaraweera made these remarks at a roundtable discussion on ‘Financial Regulation: Working Together to Address De-Risking,’ held on the sidelines of the 2018 Commonwealth Heads of Government Meeting (CHOGM), at the Mansion House in London, today (17).

The Minister stated that the sophistication of financial crimes has increased exponentially in recent years and is a threat to all nations which has resulted in a number of negative fallouts for international finance.

"One such negative fall-out is “de-risking”, the scenario of global banks selectively withdrawing from the business of correspondent banking. This can have highly detrimental implications for banks in developing countries in particular as it can shut them out of the global financial architecture," the Minister added.

Minister Samaraweera also stated that the challenge for countries like Sri Lanka is how to ensure continued progress of financial inclusion in this context.

"At a more micro-level, one of the major objectives of our government, embodied in the 2018 Budget themed Enterprise Sri Lanka, is to empower entrepreneurs by providing access to finance. In order to ensure access to finance at grass roots level, it is important for the Sri Lankan financial system to have robust access and engagement with the global financial architecture", Samaraweera said.

Opposition leader R. Sampanthan says he too is ready to face any no confidence motion brought against him by any party.

According to him whomever so wishes can do so and it is their right.

The joint opposition has been claiming it will bring a NCM against the opposition leader in order to gain the leadership of the opposition in parliament.

The World Bank projecting an economic growth of 4.8 percent for Sri Lanka this year warns that while the economic outlook remains favorable, challenging political environment impeding reforms is a key risk for the medium-term growth as political uncertainties slowed the implementation of reforms.

"The outlook remains favorable, provided the government is committed to the reform agenda of improving competitiveness, governance and public financial management," the global lender said in its latest report "South Asia Economic Focus Spring 2018".

Together with the IMF program, these reforms will add to confidence and support fiscal consolidation efforts.

The report projects the growth to rebound in 2018 from a low base and continue to be around 4.5 percent in the medium term, driven by private consumption and investment.

Inflation will stabilize at the mid-single digit level as the impact of natural disasters wears off, although the upward trend in oil prices may exert some upward pressure.

The external sector will continue to benefit from the GSP+ preferential access to the European Union and tourism receipts, despite the deceleration of remittances.

External buffers are expected to improve, with emphasis on purchasing foreign exchange, maintaining a more market-determined exchange rate, and increased FDI.

The overall fiscal deficit is projected to fall in the medium term, supported by the ongoing implementation of revenue measures.

 Growth should continue to translate into poverty reduction and improvement in living standards.

However, a further slowdown in reform implementation, in a challenging political environment, remains the key risk to the baseline and the impending election cycle elevates this risk, the Bank warns.

The World Bank cautions that Sri Lanka faces several challenges that increasingly put its future economic growth and stability at risk, which must be addressed through macro and structural reforms and it suggests to:

(1) stay on the fiscal consolidation path by broadening and simplifying the tax base and aligning spending with priorities. This is important given high public debt, SOE debt and guarantees and large gross financing requirements;

(2) shift towards a private investment-tradable sector-led growth model by improving trade, investment, innovation and the business environment;

(3) improve governance and accountability by implementing the Right to Information Act for citizens' engagement and improve SOE performance and service delivery; and (4) reduce vulnerability and risks in the economy by enhancing disaster preparedness and mitigating the impact of reforms on the poor and vulnerable with well-targeted spending;

(4) reduce vulnerability and risks in the economy by enhancing disaster preparedness and mitigating the impact of reforms on the poor and vulnerable with well-targeted spending.

Source : Colombo Page

Sri Lanka plans to strengthen primary healthcare services to relieve the congestion at hospitals providing treatments at tertiary level as the general public prefer to receive treatment from the tertiary level hospitals.

Minister of Health, Nutrition and Indigenous Medicine Dr. Rajitha Senaratne has made a proposal to establish an advanced Health Service System, to enable the general public to have access to those facilities easily by linking the closest hospitals providing specialized treatment services, as forums.

The proposal focuses on providing the Medical Practitioners with the initial training required for carrying out the functions in the field of Family Medicine and for strengthening the first contact care services; ensuring that all patients are provided with treatments at the Primary Healthcare Institutions and to encourage to refer those patients to secondary and tertiary hospitals with Specialist Doctors appropriately, in a timely manner; and identifying one family doctor each to cover per 5,000 of the population and to further strengthen the institutions providing Primary Healthcare services to facilitate the prevention of illnesses.

China's economy grew at an annual pace of 6.8% in the first quarter compared to the same period last year, according to official data, beating forecasts for the period.

The growth figures for January to March were also above Beijing's 2018 annual growth target of "around 6.5%".

The data shows resilience in the world's second-largest economy, helped by strong consumer demand.

But concerns about China's economy - including rising debt levels - remain.

The government has been fighting to contain ballooning debt and a housing bubble without hurting growth.

Amy Zhuang, China economist at Nordea Bank in Singapore described the first quarter growth figures as "solid" but also said there are signs that the positive momentum is weakening, likely due to the cooling housing market.

 Source : BBC

Minister Sarath Amunugama says that a detailed program is being worked out with the United National Party (UNP) for the implementation of a common program to continue with the consensus government.

According to the Minister the main aim of his committee is to ensure a program that will help the consensus government to continue with a proper plan for its future.

The Minister also said that the formulated plan and process by the committee will be presented to the President following his return to the country from the tour to the United Kingdom.

The committee was appointed by the President following chaotic situation caused after 16 SLFP Ministers of the government vacated their posts and leaving the consensus government.

Accordingly recommendations of the committee and opinions regarding it will be sought from the UNP to agree on the future of the consensus government sources said.

However SLFP sources say based on the recommendations the consensus government will be able to function as normal for the next two years successfully.

A bill approved by the US Congress and signed off by US President Donald Trump includes conditions on the funding available to Sri Lanka for the rest of the financial year 2018, including establishing a justice mechanism, addressing the plight of the disappeared, de-militarisation of the North-East and addressing the impunity of Sri Lankan peacekeepers involved in sexual abuse, the Tamil Guardian reported.

A total of $35mn have been made available to Sri Lanka’s democracy programmes, particularly in the regions riven by ethnic and religious conflict. The funds will be made available “for programs to assist in the identification and resolution of cases of missing persons”.

The bill stipulates that in order for Sri Lanka to receive the funds appropriated, the US Secretary of State should certify and report to the Committees on Appropriations that Sri Lanka supports a credible justice mechanism as per the Human Rights Council resolution 30/1, investigates allegations of torture and returns land occupied by the military. The act further requires the establishment of the Office of Missing Persons, the publication of a list of those who surrendered at the end of the armed conflict and reducing the presence of the military in the North-East, while restructuring and downsizing the armed forces.

Assistance for the security forces is limited to $500,000 and restricted to humanitarian and disaster response training and maritime security. Any peacekeeping funds “may only be made available for training and equipment related to international peacekeeping operations, and only if the Government of Sri Lanka is taking effective steps to bring to justice Sri Lankan peacekeeping troops who have engaged in sexual exploitation and abuse.”

An explanatory note of the State and Foreign Operations Appropriations Bill outlines further funding for Sri Lanka as one of the recipients of $8mn for forensic anthropology assistance related to the exhumation and identification of victims of war crimes, crimes against humanity, and genocide, alongside Colombia, El Salvador, Guatemala, Iraq and Syria.

The act also provides funding for Sri Lanka as part of a $25mn package for supporting religious freedom programmes for efforts to assist in addressing crimes of genocide, crimes against humanity, or war crimes, alongside Iraq, Syria and Burma.

Source : Colombo Gazette

According to the State Minister of National Policies and Economic Affairs, Dr. Harsha de Silva, the Rajagiriya Flyover opened to the public in January this year has surpassed its original objectives of reducing cost and time by alleviating traffic congestion in the area.

State Minister Dr. de Silva citing an Impact Evaluation Study of the Rajagiriya Flyover done by Master Hellie's Engineering Consultants says the firm's study has confirmed that the bridge has met more than 100 percent of the objectives (time and economic cost) and will continue to yield benefits until a light-rail transit system (LRT) is established along this corridor.

The report shows that during the morning and evening rush hour traffic the time saved on West Bound travel from Parliament towards Colombo and East Bound travel from Colombo towards Parliament is more than or nearly 50 percent compared to the time taken prior to the opening of the flyover.

The data collected over a period of one month since the opening of the flyover on 8 January, 2018 with (still) loose ends to be tied (traffic lights to be operationalized, sidewalks to be completed, street lanes to be marked and one-way schemes to be started) suggest over 50 percent improvement in speed during the peak times between Battaramulla City Centre and Baseline Road; a distance of 5.2 km, State Minister Dr. de Silva said.

Source : Colombo Page

Canadian police have identified the remains of a Sri Lankan man they believe is a possible victim of suspected serial killer Bruce McArthur.

McArthur, 66, was charged on Monday with an eighth count of first-degree murder in the death of Kirushna Kumar Kanagaratnam, 37.

Police believe Kanagaratnam was killed sometime between 3 September and 14 December 2015.

He arrived in Canada in 2010 and lived in the Toronto area.

In March, police released the photograph of an unidentified deceased man as part of the investigation into the accused killer in the hopes a member of the public could help in his identification.

Police said they received hundreds of tips, and announced late last week they had made a successful identification.

Toronto police detective Hank Idsinga said on Monday that Kanagaratnam's direct family, who live in Sri Lanka, were informed over the weekend of his death.

The detective did not reveal Kanagaratnam's immigration status and said he had never been reported missing in Canada.

His remains were identified as one of at least seven dismembered bodies found in plant pots on a midtown Toronto property linked to McArthur.

Source : BBC

39 people were killed in accidents across Sri Lanka during the New Year period which began on April 12 and ended on Monday, Sri Lanka Police said.

While noting that most of the accidents were mainly due to driving under the influence and speeding, Police spokesperson S.P. Ruwan Gunasekara said that over 515 drivers were nabbed for drunk driving during the period.

University non academic staff who were on a continuous strike over several demands will get back to work today. The group have been striking for 48 days after several discussions with the Ministry of Higher Education regarding their demands failed.

Normal academic work of all universities across the island are expected to return to normal today as a result. The strike was called off prior to the Avurudu holiday after the government agreed to the demands being made by the employees, in particular about their salaries.

British Prime Minister Theresa May announced Sunday that New Zealand, Sri Lanka and Ghana have joined Britain in an alliance to fight against plastic pollution.

The three countries have joined Britain in the Vanuatu-led Commonwealth Clean Oceans Alliance which has pledged to ban microbeads in rinse-off cosmetics and personal care products, and cut plastic bag use by 2021.

To drive the aims of the alliance forward, May has also announced an 88 million U.S. dollars package of funding to boost global research, and help Commonwealth countries stop plastic waste from entering the oceans in the first place.

British Environment Secretary Michael Gove said: “The challenge is global so the answer must be too. Through this ambitious alliance we will build on the UK’s world-leading microbeads ban and 5 pence (0.07 U.S. dollar) plastic bag charge to harness the full power of the Commonwealth in pushing for global change and safeguarding our marine environment for future generations.”

Later this year the British Department for International Development will also match dollar-for-dollar public donations to tackle the issue of plastic waste in the world’s oceans and rivers.

Britain’s International Development (DfID) Secretary Penny Mordaunt said: “The scourge of plastics is a global environmental challenge, and one that overwhelmingly impacts the livelihoods and health of the world’s poorest people.

“We are bringing together global expertise to stop plastics waste from entering oceans - and by matching pound-for-pound the UK public’s passionate response to the issue, we can make our shared ambition for clean oceans a reality.”

DfID says it is to support research into solutions to reduce manufacturing pollution, and carry out waste management pilot programs to help tackle the waste from cities that often end up in the world’s oceans and rivers.

The alliance has announced it is to work in partnership with businesses and NGOs, the World Wildlife Fund (WWF) as well as companies such as Coca-Cola, to share expertise and experience and push for global change.

Source: Xinhua