13 December, 2017

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Chandra Jayaratne Invokes RTI To Obtain Details Of Inward-Outward Remittances

Exercising rights relevant to the Right to Information Act No 12 of 2016, Chandra Jayaratne has written to the Central Bank seeking details of those granted special permission or special exemptions to remit in to Sri Lanka foreign currency, outside of the then prevailing statutory and regulatory provisions and administered or regulated norms and processes of the Central Bank.

Jayaratne has also requested the number of such inward remittance approvals granted between January 2015 and October 2017 in terms of various categories of value, and the total sums actually remitted into Sri Lanka against approvals.

The full text of the request is given below:

Information Officer Appointed Under Right to Information Act,

Central Bank of Sri Lanka,

Central Bank Building,

Janadhipathi Mawatha,

Colombo 1.

Dear Sir / Madam,

Exercising Citizens Rights under Section 3 (1) of the Right to Information Act, No. 12 of 2016

I wish to exercise my rights to access information from Central Bank of Sri Lanka, (being a duly created Public Authority and in my status as a citizen of Sri Lanka), in terms of section 3 (1) of the Right to Information Act, No. 12 of 2016, which reads as “Subject to the provisions of section 5 of this Act, every citizen shall have a right of access to information which is in the possession, custody or control of a public authority”.

I wish to obtain the under noted information from the former Exchange Control Department (since restructured) or any other appropriate Department or Unit of the Central Bank of Sri Lanka:

1. Confirm  whether  any resident or non-resident Sri Lankan individuals, dual citizens of Sri Lanka and any other country, foreign nationals or foreign registered entities, whether resident or non-resident in Sri Lanka, were granted special permission or special exemptions, post January 2015 and until October 2017, by any Minister or Ministry (with due notice to the Central Bank or the Monetary Board), the Monetary Board of Sri Lanka, the Governor or the Central Bank of Sri Lanka or any Department or Unit of the Central Bank of Sri Lanka, permitting such persons or entities to remit in to Sri Lanka foreign  currency, outside of the then prevailing statutory and regulatory provisions and administered or regulated norms and processes of the Central Bank (ie. in terms of the Exchange Control Act (Chapter 423) or any other statutory or regulatory provisions administered or regulated by the Central Bank of Sri Lanka)?

2. If so the number of such inward remittance approvals granted in terms of 1 above ?

3. The total approved transaction values of the  of 1 above, specifying the number of transactions in each of the following ranges of value:

a) Below USD 10 million or equivalent

b) Above USD  10 million and up to 100 million USD or equivalent

c) Above USD 100 million and up to USD 500 million or equivalent

d) Above USD 500 million and up to USD 1000 million or equivalent

e) Above USD 1000 million or equivalent

4. The total sums actually remitted in to Sri Lanka against approvals referred to in 1 above?

5. The balance of funds so remitted to Sri Lanka against approvals referred to in 1 above, yet remaining invested in Sri Lanka as at the End of October 2017?

6. Whether any Suspicious Transaction Reports were received by the Financial  Intelligence Unit, in connection with the inward or outward remittances of funds received in Sri Lanka in terms of 1 above and the total number and total transaction value of such reports received and the number of reports as at that date, yet  pending review, with the total transaction value of such pending reports?

7. Whether any Suspicious Transaction Reports received by the Financial  Intelligence Unit, in connection with the inward or outward remittances of funds received in Sri Lanka in terms of 1 above, relates to persons or entities classified as Politically Exposed Persons /Entities as per FATF Recommendations

I await you’re your response in line with the provisions of the Right to Information Act, No. 12 of 2016

Yours Sincerely,

Chandra Jayaratne

cc. Governor of the Central Bank

      Deputy Minister, National Policies and Economic Affairs. 

      Right to Information Commission

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Latest comments

  • 18
    0

    Great work Chandra! Keep it up!

    Also, can legal action be brought against Ranil and his corrupt crony network. for failure to pass National Audit Bill?

    Civil society groups to start a public education campaign re the failure to pass the National Audit Bill before elections are held in February.

    • 11
      0

      Right on – way to go..Sri Lankans who were named in Panama Papers and a Paradise Papers need to be investigated as to how their funds were transferred?
      Names in Panama Papers were “stock market Pump and Dump” boys like Perpetual Treasuries Arjun Alloysius during Nivard Cabraal’s hey days..
      Why would anyone Asia which is the world’s growth center want to stash funds in Panama – if the funds were legitimate?! The thief who was finance minister who should be impeached along with Ranil Wickramasinghe was protecting those named in Panama Papers claiming the funds kept there were legitimate, but funds looted from the Central Bank went to Panama!

      • 7
        0

        This letter should be sent to World Bank and IMF who have done copious studies of remittances by poor Lankan housemaids in the Middle East who sweat blood and tears to earn a little foreign currency that is then looted by corrupt politicians and sent to Panama and other tax havens.
        But WB and IMF do no publish any studies of All the foreign exchange transferred to off shore secret bank accounts from Sri Lanka or other less developed countries in Asia or Africa? Why?
        The global financial system with its secret accounts and galloping economic inequaltiy is broken and corrupt to the core as Mohamad Yunnus has argued in his new book..

        • 2
          0

          Great name FC. but no point going to IMF which works for global 1 percent!
          Just follow Saudi model: Saudi crown Prince, who has the backing of US Prez. Donalad Trump has taken drastic measures to recover funds owed the state and get the Saudi economy back on track. Sri Lanka needs to follow that model. Bin Salman arrested corrupt princes and cronies, including relatives and is keeping them under house arrest in 5 star Hotels until the $100s of billions they stole are returned to the State. Their bank accounts are frozen. Rajapaksa Brothers, sons and cronies, Bond scammers, those named in Panama papers, Avant Guarde crooks in Sri Lanka should all be imprisioned till they return stolen funds to pay down so called National Debt, rather than sell of strategic assets like lands, ports, highways etc. to hedge funds as Ranil is planning to do.

  • 5
    2

    How about foreign currency taken to overseas banks via the VIP lounge. How about the foreign money without coming to sri lanka directly goes to some one’s private bank account with a link such as MACAU or MONACO. How about Foundations established by the names of the politician. I think the most popular method is taking suit cases full of foreign currency to overseas destinations. during the last govt, Johnston Fernando was said to be doing that taking money to Singapore. I think, now it happens via India too. I think it is well know money earned from exports are not coming into the country. UNDIAL like exchange places were used to transfer money via indirect methods.

  • 4
    0

    the CB tookaction against ravi for money laundering raj rajaratnams money
    why no action against his wife and kanthan for money laundering after the company accountants info to the commission

  • 7
    0

    Yes, this is most interesting, because there are major issues involved which we don’t understand.

    *

    However, is this realistic? If every one of us started posing questions of this sort there would be little time for this one Information Officer to answer all queries. They’d have to appoint dozens of persons. This is just the practical aspect, I will add a few more “problems”, but yes, the initiative is a good one, and if there is a positive response I hope that Chandra Jayaratne will explain them to us. I certainly will not write because I have too little knowledge of these matters, although I think that I will be intelligent enough to understand what is being said.

    *

    What is being asked about are SPECIAL permissions and exemptions (period specified) by any human being. That could be quite a lot of data to be requesting! And also we’re asking about “Suspicious Transactions”. That may be a technical term: some transactions may indeed be be labelled as such, but isn’t that ultimately a subjective judgement?

    *

    However all that may be, thanks very much for the Chandra Jayaratne intiative!

    • 1
      0

      Sinhala_Man,
      .
      “If every one of us started posing questions of this sort there would be little time for this one Information Officer to answer all queries.”
      .
      The Information Officer is the point of entry/middle man who sends the request to the relevant person(s). He/she does not search for the information but should make sure that the organization follows RTI Act.
      .
      “They’d have to appoint dozens of persons.”
      .
      In fact they can and do. Ministry of Education, for instance, has many Information Officers for the various institutions they have on national and provincial level. This of course creates a problem of co-ordination.
      .
      “What is being asked about are SPECIAL permissions and exemptions (period specified) by any human being. That could be quite a lot of data to be requesting!”
      .
      Since these are special permits for incoming money during a period of only some years there are very few permits. I assume that Chandra wants to verify a transaction he finds suspicious and I assume that it will NOT be found.

  • 2
    0

    Cheers CJ: please also send your above letter to IMF which is supposed to do Global Financial Governance.
    IMF should use their “experts” to help get this information and comb through Paradise Papers and Panama Papers to help bring back money stolen from Sri Lanka to pay of the massive National Debt incurred by corrupt politicians in the name of bogus development aid projects, rather than asking the corrupt SL government to tax people and sell strategic national assets like land, ports, minerals, labour, LNG reserves exploration etc.

    • 1
      0

      US interest for retail loans is 1.0%. Sri lanka has by passed the Dept of surveys and hired a US form to survey the country and the firm gives a loan for 4.0% (3.0% profit for them even at the retail rate). Then the govt has to pay spend Rs 400 million to maintain that Companies program what ever it is. who wants these things. What is the real need for that. Why MY3 says OK to these. So, do you think, anything wil l come out from the Central Bank scam.

      • 1
        0

        I heard this survey will be limited only to Trincomalee region and particular around the Port where navy can hide ships. there is some opinion even with respect to what their recommendation will be.

        • 0
          0

          Jim the Nitwit,
          What ships have we got to hide in Trinco?

    • 1
      0

      One LAtin american PResident Accused “USA for harboring ill gotten money with devious means in order to by pass the SENATE commiittee investigations. HIs request was to stop it. That happened to many countries. Eve Libya lost billions of dollars of Gadaffi’s money. So, do not expect from IMF. IMF ‘s job is to spread the US dollar every where and make it international transaction currency.

  • 2
    0

    Cheers CJ: please also send your above letter to IMF which is supposed to do Global Financial Governance.
    IMF should use their “experts” to help get this information and comb through Paradise Papers and Panama Papers to help bring back money stolen from Sri Lanka to pay of the massive National Debt incurred by corrupt politicians in the name of bogus development aid projects, rather than asking the corrupt SL government to tax people and sell strategic national assets like land, ports, minerals, labour, LNG reserves exploration etc.

  • 2
    0

    Special permission allowed for outward remittance from the country will also be very interesting.

  • 5
    1

    MR and namals, gotas funds in US and dubai, should be brought back. also investigate the purchase of Land for the russian embassy, where gota got the owner killed.

  • 2
    1

    It is not clear why the date “January 2015 and October 2017” is selected by Chandra Jayaratne. It appears Chandra Jayaratne had vindicated Ajith Nivard Cabraal time’s robberies and $18 Billion transfers. He was the main one responsible Aloysius getting good sales price for CB Junk bond showing his personal competition with Singapore Emil.

    The Presidential Commission seems to have vindicated Ranil and Ravi before they appear in front of the commission. Using this, Chandra seems to be back on the game.

    Now, 90% of the Sinhalese have deviated from Chandra Jayaratne’s essays in CT which were seeking private revenge on Emil. They feel it was certainly a UNP game and Ranil, Ravi and other minister were in that. It a question Sinhalese are trying to answer why 40 or more MPs were in touch with Aloysius, though he was not in Parliament, not a public figure, Not CB employee, but only a private Business man. Chandra doesn’t worry about these which Sinhalese seems to worry MPs. Sinhalese should thank us, unlike Chandra’s essays, we were helping them to focus on wider perspective, instead of their Tamil Enemies, the Emil gang.

    Chandra Jayaratne attempted to cover up the fraud UNP machine initiated, but tried to focus on the interest on the bonds, which by his inferior market knowledge he thought Aloysius going the hold the bonds and take the interest income.

    He never wrote an essay on Chinese loans, which now, by the high interest rates, has forced Lankawe to hand over the Port’s Land for a foreign Country Law Administration, destroying Lankawe Sovereignty.

    Did Chandra Jayaratne ever ask to bring out the New Royal’s Avant Garde’s ship evaluation by the Navy?

    All racist communists are a big fraud, who only pretends as going after UNP frauds but only after Tamils.

  • 2
    0

    Mallaiyuran: Yes. Your question: why January 2015 to October 2017 had been selected is not clear. Could be some persons of “Standing” are involved. Anyway, let us wait and see the outcome. The Exchange Control Act of 2017 has repealed the previous Exchange Control Act, in terms of which the ex Minister of Finance was charged for bringing in a large sum of foreign currency (US$) without obtaining approval or informing the CB) that belonged to Raj Rajaratnam, presently serving a jail term in USA. The present Act of 2017 makes provision only to continue action on that repealed Act, that are ONGOING and that too must be completed within a period of six months. Since the AG failed to “Amend” the case and refile it against Mr. Ravi Karunanayake, that case is NO MORE and that is how this Government of Sirisena + Ranil has “acquitted” Ravi K of all the charges of violations under the previous Exchange Control Act. There are many more “HIDDEN” concessions granted to people who were and are engaged in “Money Laundering”. Hopefully, this writer and some legal experts would expose the DANGERS of this Exchange Control Act of 2017 in their future articles to the media.

  • 2
    0

    Chandra Jayaratne wants details of remittances out/in under $10 million. This will include the million or so monthly remittances by those slaving in the MidEast.
    The Central Bank can use this as an excuse to indefinitely delay the release of information sought.
    Perhaps Chandra must put a lower limit.

  • 3
    0

    This is a very good step you have taken. Most bureaucrats in CB think that the ordinary person in the country has no rights to access their information, and sometimes.even government departments too unable to get it from them.

  • 3
    1

    Why just from 2015? For a meaningful analysis it should be at least 10 years, 25 would be better. This is if you want to see whether CB has sufficient controls in place, whether anyone is overriding those controls what could be done to overcome any weaknesses if any.

    If it is just politically motivated crap you want to pull then two years should be sufficient.

  • 1
    0

    Meanwhile Primer Ranil Wicks proposed that new “Exchange Control” bill has abandoned previous Exchange law is in the favorable for National Monetary and Fiscal policies helping as developing national growth which country like- Sri lanka.

    We are in a short of foreign exchange due to mismanagement monetary and fiscal policies adopted since 2015 January 8th by UNP Ranil Wicks short-sight misrule of budget has undermined growth of development of an Island last 3 years.
    At the same time UNP has trying to convert a badly managed and burdensome of PUBLIC Debt into the equity of GDP an enormous CB Bonds scandal , privatized of tax-gathering and concession to monopoly of foreign trading companies which doubling crisis in ours Economy.

    The UNP team of orthodoxies ideas of an Economy of Old Capitalism of outdated movement and IMF , WB and ADB was proud of newly proposed ‘ Exchange Control’ Laws will not be successful at all.
    These chain of ideas which is not supporting principle FLOW of Foreign Exchange into the country.
    The proposed Foreign Exchange Bill -Law could not that be described as reflection developing monetary policies of Sri lanka.

    The proposed Bill that turn into Act will NOT stop drain Foreign exchange, but on the contrary as majority share of now vast goes to Multi- National Corporation of USA and Indian companies.
    Meanwhile it has strong personal INTEREST IN ALLOWING MONETARY EXPANSION OF WHICH FOREING BANKS AND CAPITAL of these Corporations.

    It will generate super-profits top USA and Indian corporations many hundreds of monopoly companies by rise taxes and interest Rates .Later law of Foreign Exchange that increased risk Economy will be another bubble which undermined sustainability of development of Capitalism by newly an introduced Law of Exchange policies.

    What we want now is that more stable monetary and fiscal policies will support for developing and growth of National Economy —Sri Lankan toward year 2020 to upwards.

  • 1
    1

    May I suggest that we back date this request to 2005 and also await the reply. It could boomerang.

  • 1
    1

    If Chandra J wants info he can write. Why release it to papers? Suggest that Chandra release all his other communications to the papers.

  • 0
    0

    Don’t talk through. Your_ ____wizout evidence

  • 0
    0

    All the looters Alibaba Mara&co Thottha baba Ranil and co and the rest should be kicked into solitary confinement and spineless paddy power My3 to general hospital.

  • 0
    0

    Ask NO questions, hear NO lies!

    The man’s looking in the wrong place. Take a closer look at the smart hand luggage coming through the VIP channel at BIA. (Oops, must remember to careful!)

  • 0
    0

    Congrats Chandra, if only we had just 3 parliamentarians like you on both sides. Since I knew your decent, kind parents I still thank them for bringing up a youngest son like you.

    Why not we bring to task all those who hid their undeclared black moneys in Lalith Kotalawala’s companies as brilliantly displayed by Sannasgala ? Hon President and Hon P.M. why are you all silent?

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