Illegal money transfers will be frozen - CBSL | Page 2 | Sunday Observer

Illegal money transfers will be frozen - CBSL

5 December, 2021

The Bank accounts of those who receive and send money through unlawful money transmission methods will be frozen with immediate effect. The Central Bank of Sri Lanka (CBSL) calls on migrant Sri Lankans to use only legal channels to repatriate their earnings.

The CBSL has received information that some Sri Lankans residing abroad send remittances to their dependents in Sri Lanka, knowingly or unknowingly, through various racketeers.

The CBSL is aware that there have been instances where certain brokers collect foreign currency from Sri Lankan employees in other countries and credit the accounts of their dependents in Sri Lankan Rupees by cash or transfers through the financial system.

The public may not be aware that they are committing offences punishable in terms of the law for violation of the provisions of the Prevention of Money Laundering Act. These transactions could be linked to drug trafficking and other illegal activities.

All Sri Lankans residing abroad and their dependents should not be victims of such illegal activities, knowingly or unknowingly, the CBSL stated. - UK