Sri Lanka to make unauthorized forex transfers a criminal offence

Sri Lanka to make unauthorized forex transfers a criminal offence

ECONOMYNEXT – Sri Lanka’s Cabinet of Ministers has granted in-principle approval to amend the Foreign Exchange Act No. 12 of 2017 to make unauthorized transfers of funds out of the country a criminal offence, Cabinet Spokesman Minister Nalinda Jayatissa said. The proposed legal reform follows an ongoing investigation into a fraud where 74 billion rupees was transferred overseas across 10,151 transactions via 89 bank accounts under the guise of i…