{"id":200176,"date":"2019-03-28T04:47:54","date_gmt":"2019-03-27T23:17:54","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=200176"},"modified":"2019-03-29T15:46:44","modified_gmt":"2019-03-29T10:16:44","slug":"hambantota-refinery-project-a-potential-money-laundering-risk-tisl","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/hambantota-refinery-project-a-potential-money-laundering-risk-tisl\/","title":{"rendered":"Hambantota Refinery Project A Potential Money Laundering Risk: TISL"},"content":{"rendered":"<p>Transparency International Sri Lanka (<a href=\"https:\/\/www.colombotelegraph.com\/?s=TISL\"><strong>TISL<\/strong><\/a>) believes the controversy surrounding the proposed USD 3.85 billion oil refinery in Mirijjawila, Hambantota, could have a negative impact on Sri Lanka\u2019s efforts to remove itself from the Financial Action Task Force\u2019s (FATF) \u2018Grey List\u2019 of countries vulnerable to <a href=\"https:\/\/www.colombotelegraph.com\/?s=Money+Laundering\"><strong>money laundering<\/strong><\/a> and terrorism financing.<\/p>\n<div id=\"attachment_200178\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2019\/03\/Tamil-Nadu-politician-and-former-Indian-Union-Minister-Dr.-S.-Jagathrakshakan.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-200178\" class=\" wp-image-200178\" src=\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2019\/03\/Tamil-Nadu-politician-and-former-Indian-Union-Minister-Dr.-S.-Jagathrakshakan.jpg\" alt=\"\" width=\"890\" height=\"593\" srcset=\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2019\/03\/Tamil-Nadu-politician-and-former-Indian-Union-Minister-Dr.-S.-Jagathrakshakan.jpg 750w, https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2019\/03\/Tamil-Nadu-politician-and-former-Indian-Union-Minister-Dr.-S.-Jagathrakshakan-300x200.jpg 300w, https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2019\/03\/Tamil-Nadu-politician-and-former-Indian-Union-Minister-Dr.-S.-Jagathrakshakan-128x86.jpg 128w\" sizes=\"auto, (max-width: 890px) 100vw, 890px\" \/><\/a><p id=\"caption-attachment-200178\" class=\"wp-caption-text\">Jagathrakshakan<\/p><\/div>\n<p>The main investor in the project, the Singapore based \u2018investment vehicle\u2019 Silver Park International PTE Ltd, is a company controlled by the family of Tamil Nadu politician and former Indian Union Minister Dr. S. Jagathrakshakan, whose business interests have previously been implicated by Indian authorities and the media in several alleged corruption scandals. Of the 40 FATF recommendations which set the international standards on combating money laundering, recommendation 12 requires that reasonable measures are taken to ascertain the source of wealth and source of funds in transactions involving politically exposed persons.<\/p>\n<p>TISL Executive Director <a href=\"https:\/\/www.colombotelegraph.com\/?s=Asoka+Obeyesekere\"><strong>Asoka Obeyesekere<\/strong><\/a> said, \u201cIn light of the efforts being made by the Central Bank of Sri Lanka to get off the FATF Grey List, it is essential that the Board of Investment conducts enhanced due diligence on the Silver Park International investment, given that its directors fall squarely within the FATF definition of politically exposed persons\u201d.<\/p>\n<p>Given the confusion relating to the parties engaged in the project, TISL also calls on all state agencies to ensure adherence to proactive disclosure provisions outlined in the Right to Information Act. Section 9 of the RTI Act requires the line Minister of a given project to publicly communicate all available information relating to the project, three months prior to commencement.<\/p>\n<p>Obeyesekere concluded, \u201cthe importance of such information being in the public domain cannot be understated, especially in the case of major foreign direct investment which will have a direct impact on the local economy. Ensuring transparency and accountability in these processes will also enhance the country\u2019s efforts to attract bona fide foreign investment\u201d.<strong><em>(TISL)<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":200178,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,2186,1,2375],"tags":[],"class_list":["post-200176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-colombotelegraph","category-featured-news","category-news","category-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hambantota Refinery Project A Potential Money Laundering Risk: TISL - Colombo Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.colombotelegraph.com\/index.php\/hambantota-refinery-project-a-potential-money-laundering-risk-tisl\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hambantota Refinery Project A Potential Money Laundering Risk: TISL - 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