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Financial Crimes Investigations Division of the Police is said to be investigating three suspicious bank accounts containing a total of Rs. 957 million.

The accounts in question are held by three Chinese nationals and is being investigated under the Prevention of Money Laundering Act.

According to the ‘B report’ filed in court, on March 15, the Financial Intelligence Unit of Sri Lanka at the Central Bank had made a complaint to the FCID citing suspicious transactions in accounts maintained by three Chinese nations at a private bank in Colombo 3.

Thereafter, the Colombo High Court had issued an order to freeze these accounts.

The FCID says one of the Chinese nationals had obtained visa to enter Sri Lanka using false information, claiming to be a translator at an establishment in Colombo 3.

The visas of the other two Chinese nationals are being investigated by law enforcement.

According to the ‘B report’, these Chinese nationals were informed to appear before the FCID yesterday (March 29) to record statements over their suspicious transactions, however, they had failed to do so.

Later it was revealed one of them had already left the country and authorities had obtained an order preventing the other two from leaving the country.

Earlier this year, the European Parliament has confirmed that Sri Lanka, Tunisia, Trinidad and Tobago were on the European Commission’s blacklist of countries at risk for acts of money laundering.

Bank of China opened its first branch in Sri Lanka's capital Colombo on Wednesday evening.

Sri Lankan Prime Minister Ranil Wickremesinghe, who was the Chief Guest at the ceremony said the opening of the Colombo branch was an important step in strengthening the island's economy and it opened a new chapter in the modern history of bilateral relations.

"The Bank of China is opening in Sri Lanka at a time when Colombo city is transforming into a megapolis. Bank of China has a crucial role to play in helping this island by strengthening our local businesses while also being able to attract more Chinese investments into the country," Wickremesinghe said.

The prime minister added Bank of China's success was also a testament to the rapid economic growth of China in the past three decades and while it was the fourth largest bank globally, it would not be too long before it emerged as the leading bank in the world.

Governor of the Sri Lankan Central Bank Indrajit Coomaraswamy, speaking at the ceremony, hailed the entry of the Bank of China into Colombo as a "major landmark" in the history of the Sri Lankan economy.

He said the bank, with its large network of branches in China and other parts of the world, will not only help expand trade in Sri Lanka but help small and medium enterprises grow and tie up with manufacturers overseas as part of international supply chains.

Chairman of the Bank of China Wang Xiquan said that the hundred-year-old institution now has 600 branches overseas and links with 1,600 financial institutions across the world.

He said, the opening of its Colombo branch will mark the beginning of a new era for the Chinese financial industry to serve Sri Lanka and its Colombo branch was an opportunity to closely focus on the overall strategic cooperation between China and Sri Lanka.

Chinese Ambassador Cheng Xueyuan described Sri Lanka as a "time tested friend" of China and thanked Prime Minister Wickremesinghe for the support he had given to set up a branch in Colombo.

Finance and Mass Media Minister Mangala Samaraweera and Central Bank Governor Dr Indrajit Coomaraswamy met Northern Province Chief Minister C.V. Vigneswaran in Jaffna yesterday.

They discussed the implementation of projects in the Northern Province as proposed by the 2018 Budget.

Senior officials of the Ministry and the Central Bank also participated in the discussions on the best possible manner in which the allocated Rs. 1000 million can be spent in the North.

The District Secretaries of five districts in the Northern Province also participated in the discussion.

Minister Samaraweera explained that the Budget had also made provisions to help resettle former LTTE cadres, provide them with soft loans for businesses and provide help in livelihood opportunities.

Chief Minister Vigneswaran had requested that the government work with the Northern Provincial Council (NPC) when implementing these projects.

Minister Samaraweera in response asked that Vigneswaran appoint a group from the NPC to implement these projects and link them with his ministry.

Source : Daily News

The United National Front (UNF) and United National Party (UNP) will meet Prime Minister Ranil Wickremesinghe separately today (29) to finalise their respective stances on the No-Confidence Motion (NCM) brought against the PM, Co-Cabinet Spokesperson, Minister Rajitha Senaratne said addressing the weekly Cabinet media briefing.

He said the UNF party leaders met on Tuesday evening to discuss their views on the NCM and they would inform their decision to the Prime Minister on Thursday.

Minister Rishard Bathuideen was not present at Tuesday’s meeting as he was held up at the Cost of Living Committee meeting.

“We will meet the Prime Minister at Temple Trees at 4.00 pm to communicate our decision to him and arrival at a final course of action,” Minister Senaratne said.

Co-Cabinet Spokesperson, Minister Gayantha Karunathilake in the meantime said the UNP Working Committee would also meet that day, to decide on their stance as a party.

“The UNP Parliamentarian Group met last week and everyone unanimously decided to support the Prime Minister. Some have even signed letters of support”, he added.

When asked about the opposition within the party and for calls of reform from within, Minister Karunathilake stated that the reforms had not called for a change in leadership and that having defeated the current challenge of the NCM, they would take on party reforms.

“From April 5 onwards, we will start the party reform process”, said the minister.

Both ministers however were of the opinion that the NCM would be easily defeated come April 4.

Their partner in government, the SLFP had its Treasurer, S.B.Dissanayake state that given the contents of the NCM, it was difficult for them to oppose it.

Source : Daily News

The Central Bank having considered the requests from the public and the difficulties faced by them in exchanging willfully-defaced currency notes at licensed commercial banks (LCBs), has further extended the time period for exchanging such currency notes until further notice.

The CB informed the public to submit such currency notes to its Head Office or Regional Offices located at Anuradhapura, Matale, Matara, Trincomalee, Nuwara Eliya, Kilinochchi or send the same by registered post to “The Superintendent Currency Department Central Bank of Sri Lanka, No.30 Janadhipathi Mawatha Colombo 1, Si Lanka together with the duly completed application form.

It said in a statement that the relevant application form can be obtained from the CB website (www.cbsl.gov.lk), Regional Offices and any branch of Licensed Commercial Banks (LCBs).

The statement said currency notes that have been mistakenly marked by a small dot or a line are not considered as willfully mutilated currency notes and such currency notes can be used for transactions.

“The service of accepting damaged currency notes by LCBs due to normal wear and tear or due to natural disasters will continue without any change,” it said.

Source : Daily Mirror

Following a proposal by Minister of Finance and Media Mangala Samaraweera to amend the Nation Building Tax Act, No. 09 of 2009, Cabinet approval has been granted to remove the NBT imposed on certain goods.

Accordingly, the following goods will be exempt from the NBT.

• Equipment used for the construction of greenhouses, polytunnels aimed at utilizing advanced technology for agricultural activities
  Coconut oil and coconut related products
• Gemstones imported with the intention of cutting, polishing and re-exporting
• Sports equipment and sports gear (that do not operate by motors) necessary for water sports such as rowing, kayaking, kite surfing and diving
• Sports equipment and sports gear (that do not require power) necessary for air sports including gliders, air balloons, dirigible, parachutes and paragliders
• Services provided by the Sri Lanka Deposit Insurance Scheme.

 The NBT will however be levied on liquor in addition to existing taxes.

Prison Department’s Rehabilitation Commissioner and Magazine Prison’s former superintendent Emil Ranjan Lamahewa and IP Neomal Rangajeewa of the Police Narcotic Bureau who were admitted to the Colombo National Hospital were transferred to the Welikada Prison Hospital today.

The Colombo Magistrate who today visited the Colombo National Hospital remanded the two suspects till April 10. The CID arrested them last night in connection with the killing of 27 Welikada Prison inmates in November 2012.

However, it is unclear as to what medical conditions have warranted for the duo being admitted.

In September 2017, the Department of Prisons revised the rules of admittance to the hospital. Accordingly, Minister of Prisons had directed that the medical advice of three doctors need to be obtained for those who wish to be admitted to the Prison hospital. Prior to that inmates were admitted to the Prison’s Hospital based on the advice of one medical doctor.

The Central Bank of Sri Lanka has been transferred back to the Ministry of Finance and Media by President Maithripala Sirisena via a special gazette notification.

According to the gazette notification, the Securities and Exchange Commission has also been listed under the Finance Ministry.

The United National Party today unanimously decided to back its leader and Prime Minister Ranil Wickremesinghe in the no-confidence motion submitted against him by the Joint Opposition. The decision was taken at the working committee meeting held today at the party headquarters under the patronage of Premier Wickremesinghe.

“At the policy making working committee meeting this morning, it was unanimously decided to back the Prime Minister in the no-confidence motion,” Education Minister Akila Viraj said. He said the party will meet for three days to deliberate on the reforms needed to implement them within two months.

The Ambassador of the European Union Tung-Laï Margue together with the ambassadors of Romania and Switzerland visited the Kandy district from 27-28 March 2018.

The Ambassadors paid their respects to the Chief Prelate of the Asigiriya Chapter, the Most. Ven. Warakagoda Sri Gnanarathana Thero, and the Chief Prelate of the Malwatte Chapter, the Most Venerable Thibbotuwawe Sri Siddhartha Sumangala.

 During a frank and constructive exchange, the envoys emphasised the importance of starting a systematic dialogue with other religious leaders to avoid the recurrence of the recent violence. They particularly welcomed the upcoming meeting of a parliamentary committee, consisting of religious and political leaders from all communities, set up to discuss the issue. The envoys also visited the Sri Dalada Maligawa.

The Ambassadors met representatives of the Muslim community to discuss the recent communal violence, and its aftermath. They expressed their sympathies for the loss of life and the destruction of homes, mosques, and businesses.

Addressing the media in Kandy, the ambassadors noted that the violence in Kandy district underscores the need to redouble efforts to support national reconciliation. They said that Sri Lankans know all too well the consequences of not addressing religious and ethnic hatred, and reiterated the importance of political, religious and community leaders taking the initiative to counter hate speech and racist stereotypes. The envoys emphasised that there must be no impunity for such crimes.

The Commissioner of Prisons Emil Ranjan Lamahewa was arrested by the Criminal Investigations Department (CID) last night (28), in connection with the deadly Welikada Prison riots in 2012.

Police spokesman Ruwan Gunesekara said that Lamahewa who functioned as the Superintendent in charge of the Magazine Prison back in 2012, was arrested at his official residence in Dematagoda.

Lamahewa will be produced before the Colombo Magistrate today (29) along with Inspector Neomal Rangajeewa of the Police Narcotics Bureau (PNB), who was also arrested by the CID over the same incident yesterday.

Minister Patali Champika Ranawaka is said to have suggested that Prime Minister Ranil Wickramasinghe should step down from his post prior to the No confidence motion being presented to parliament.

According to political sources, the Minister is said to have said this at a special discussion held at the Ministry of Health yesterday. The meeting has been called by Minister Rajitha Senaratne to discuss regarding the decision that must be taken regarding the matter.

The meeting has been attended by Ministers of the United National Front (UNF) Patali Champika Ranawaka, Arjuna Ranatunga, Sarath Fonseka, Mona Ganesan, Palani Digambaran, Karunaratne Paranawithana.

However, they had not arrived at a conclusive decision political sources said. These Ministers are also set to meet the Prime Minister tomorrow for further discussion as well.