{"id":208015,"date":"2020-02-10T14:13:30","date_gmt":"2020-02-10T08:43:30","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=208015"},"modified":"2020-02-15T23:37:24","modified_gmt":"2020-02-15T18:07:24","slug":"money-has-never-made-a-man-happy-nor-will-it-an-insight-to-money-laundering-laws-in-sri-lanka","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/money-has-never-made-a-man-happy-nor-will-it-an-insight-to-money-laundering-laws-in-sri-lanka\/","title":{"rendered":"\u201cMoney Has Never Made A Man Happy, Nor Will It\u201d: An Insight To Money Laundering Laws In Sri Lanka"},"content":{"rendered":"

By Ashan Nanayakkara<\/a> –<\/b><\/span><\/p>\n

\"\"<\/a>

Ashan Nanayakkara<\/p><\/div>\n

Mario Puzo, The Godfather, once voiced that, \u201cBehind every successful fortune there is a crime.\u201d<\/i> Be that is it may, yet, in present day context, one cannot freely spend their fortune (wealth) which may have accrued by illegal means, without evading the acute income-tax laws and the gawk eyes of law imposing authorities.<\/p>\n

Luck of having oil discovered on a useless piece of a land, bag of pearls gifted by an old woman who is in the age of her 90s, blue-sapphire found from the backyard of someone\u2019s house whilst he was peeing, lucky heir who was bequeathed amaze of wealth after the demise of persons in the kinds of John Lennon, Jimi Hendrix, Elvis, Ernest Hemingway are rarest things once in blue moon could occur. There is no wrong in fortune favours a man by such a stroke of luck. In opposition, if such a new found wealth is accumulated through felonious means noticed to none, such acts are to be hunt down by the Government. Thus, Money Laundering<\/span><\/strong><\/a> Laws have found to cater remedies to such mischiefs.\u00a0<\/span><\/p>\n

It is true that, having wealth, one could buy over the might, and further become mightier. But, question is how long? It was quoted that,\u00a0\u201cSuperfluity comes sooner by white hairs, but competency lives longer\u201d \u2013 Act 1 Scene 2 of Merchant of Venice<\/i>. The money enlarged on forbidden activities is impermanent and lasts for short. Those who possessed it shall loose their virtues, as well as their Sleep!<\/p>\n

Writer was driven to narrate this piece of article, to disclose how efficiently the laws of money laundering being adopted in Sri Lanka since which was come in to effect. It was the Prevention of Money Laundering Act no. 05 of 2006 and the Amendment No. 40 of 2011 provide the provisions for that specific area of law.<\/p>\n

The money Laundering simplified in to laymen\u2019s word, to wit, process of turning the black money in to white which were earned from illegal sources. In nowadays, incidents such as allegations leveled against Ex-CEO of SriLankan Airlines PLC \u2013 Kapila Chandrasena<\/span><\/strong><\/a> and his wife over an alleged bribe sum of USD 2 million solicited and received from a French Airbus<\/strong><\/span><\/a> Company in connection with 14 Airbuses purchased<\/span><\/strong><\/a> in 2013, accusations made against Ex-Central Bank Governor \u2013 Arjuna Mahendran<\/span><\/strong><\/a>, the head of Perpetual Treasuries (Pvt) Ltd., Arjun<\/strong> Aloysius<\/span><\/a> and his accomplice Kasun Palisena<\/span><\/strong><\/a> over infamous Bond Scam<\/span><\/strong><\/a> were some examples where the need of this piece of legislature required the most.<\/p>\n

There is a difference between, offence of Money Laundering vis-\u00e0-vis<\/i> other offences defined under the Penal Code of Sri Lanka.<\/p>\n

To provide the reader a glimpse of an idea how the legislature envisaged this offence, that is to say,<\/p>\n

\u201c3. (1) Any person, who \u2014<\/i><\/p>\n

(a) engages directly or indirectly in any transaction in relation to any property which is derived or realised, directly or indirectly, from any unlawful activity or from the proceeds of any unlawful activity;<\/i><\/p>\n

(b) receives, possesses, conceals, disposes of, or brings into Sri Lanka, transfers out of Sri Lanka, or invests in Sri Lanka, any property which is derived or realised, directly or indirectly, from any unlawful activity or from the proceeds of any unlawful activity, knowing or having reason to believe that such property is derived or realised, directly or indirectly from any unlawful activity or from the proceeds of any unlawful activity, shall be guilty of the offence of money laundering and shall on conviction after trial before the High Court be liable to a fine not less than the value of the property in respect of which the offence is committed and not more than three times the value of the property in respect of which the offence is committed or to rigorous imprisonment for a period of not less than five years and not exceeding twenty years, or to both such fine and imprisonment. The assets of any person found guilty of the offence of money laundering under this section shall be liable to forfeiture in terms of Part II, of this Act. Be it an individual, a company or the Government, it is misappropriation of someone else\u2019s money. Section 403 of the penal code\u2026\u201d<\/i><\/p>\n

The key-word of this section is \u201cunlawful activity\u201d. The unlawful activity has been interpreted, by the same Act, as follows:<\/p>\n

\u201cunlawful activity\u201d means any act which constitutes and offence under \u2014<\/i><\/p>\n

(a) the Poisons, Opium and Dangerous Drugs Ordinance (Chapter 218);<\/i><\/p>\n

(b) any law or regulation for the time being in force relating to the prevention and suppression of terrorism;<\/i><\/p>\n

(c) the Bribery Act (Chapter 26);<\/i><\/p>\n

(d) the Firearms Ordinance (Chapter 182), the Explosives Ordinance (Chapter 183) or the Offensive Weapons Act, No. 18 of 1966.<\/i><\/p>\n

(e) the Exchange Control Act (Chapter 423);<\/i><\/p>\n

(f) an offence under section 83C of the Banking Act, No. 30 of 1988;<\/i><\/p>\n

(g) any law for the time being in force relating to transnational organised crime;<\/i><\/p>\n

(h) any law for the time being in force relating(i) any law for the time being in force relating to offences against children;<\/i><\/p>\n

(j) any law for the time being in force relating to offences connected with the trafficking of persons; and<\/i><\/p>\n

(k) an offence under any other law for the time being in force which is punishable by death or with imprisonment for a term of seven years or more.\u201d<\/i><\/p>\n

In contrast, Penal Code and other offences referred to above have their own existence and offences referred to definition under \u2018unlawful act\u2019 is meant in the context of Money Laundering Act inasmuch as they being fallen under section 4 of the Money Laundering Act. Thus, Money Laundering Act no. 05 of 2006 (as amended) has its application in wide area of law such as above said set of specific Acts and Penal Code of Sri Lanka.<\/p>\n

By looking at the above list of unlawful activities stipulated in the Act per se,<\/i> it is abundantly clear that, the legislature has specific intentions to bring this sort of law. As at the year of 2006, Sri Lanka was at height of war and lot of concerns were engrossed to block the finance to Terrorism. LTTE<\/span><\/strong><\/a> was booming as most ruthless and most sophisticated terrorist organization in the Globe which has had influx of proceeds from width and breadth of the world in large quantities.\u00a0<\/span><\/p>\n

It was found that by using this money, the LTTE brought weapons, armories and ammunition in mass scale. Further, there were number of local and foreign supporters of LTTE who turn this war into a mean of income and provided safe passage to Terrorists in various ways. Some, being personifying themselves to be as average citizens, were doing arms dealing, human smuggling, trafficking of persons, offences against Children, and specially, brining Kerala Ganja (Opium \u2013 canbis staiva<\/i>) and other drugs through Palk Straight (it was also alleged that such drugs were interacted to war free areas by the blessings of some Army personnel). On the whole, the LTTE or their flag bearers (Tamil and Non-Tamil) kept producing big money at the pretext of war. Frustrated Sri Lankan Government brought Money Laundering Act mainly targeting the said parties who were in the process of making profits out of this war: and, to prevent aiding and abetting to Terrorism.\u00a0<\/span><\/p>\n

By bringing the amendment to Money Laundering Act, Hon. Minister Bandula Gunawardane<\/span><\/strong><\/a> had this to say,<\/p>\n

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\u0db1\u0dd2\u0dc1\u0dca\u0da0\u0dd2\u0dad \u0dc0\u0dd0\u0dbb\u0daf\u0dd2\u0daf \u0d87\u0dad\u0dd4\u0dc5\u0dad\u0dca \u0d9a\u0dbb\u0dbd\u0dcf \u0dad\u0dd2\u0db6\u0dd9\u0db1\u0dc0\u0dcf. \u0dad\u0dca\u200d\u0dbb\u200b\u0dc3\u0dca\u0dad\u0dc0\u0dcf\u0daf\u0dba\u0da7 \u0d85\u0dbb\u0db8\u0dd4\u0daf\u0dbd\u0dca \u0dc3\u0dd0\u0db4\u0dba\u0dd3\u0db8 \u0db8\u0dd0\u0da9\u0dbd\u0dd3\u0db8\u0dda \u0dc3\u0db8\u0dca\u0db8\u0dd4\u0dad\u0dd2\u0dba \u0d85\u0db1\u0dd4\u0dc0 \u0dc1\u0dca\u200d\u0dbb\u0dd3 \u0dbd\u0d82\u0d9a\u0dcf \u0db4\u0dd4\u0dbb\u0dc0\u0dd0\u0dc3\u0dd2\u0dba\u0db1\u0dca \u0dc4\u0dcf \u0dc1\u0dca\u200d\u0dbb\u0dd3 \u0dbd\u0d82\u0d9a\u0dcf\u0dc0 \u0dad\u0dd4\u0dc5\u0daf \u0dc1\u0dca\u200d\u0dbb\u0dd3 \u0dbd\u0dcf\u0d82\u0d9a\u0dd2\u0d9a \u0db4\u0dd4\u0dbb\u0dc0\u0dd0\u0dc3\u0dd2\u0dba\u0db1\u0dca \u0db1\u0ddc\u0dc0\u0db1 \u0db4\u0dd4\u0daf\u0dca\u0d9c\u0dbd\u0dba\u0db1\u0dca \u0d87\u0dad\u0dd4\u0dc5\u0dad\u0dca \u0dc0\u0db1 \u0db4\u0dbb\u0dd2\u0daf\u0dd2 \u0dad\u0dca\u200d\u0dbb\u200b\u0dc3\u0dca\u0dad\u0dc0\u0dcf\u0daf\u0dba\u0da7 \u0d85\u0dbb\u0db8\u0dd4\u0daf\u0dbd\u0dca \u0dc3\u0dd0\u0db4\u0dba\u0dd3\u0db8 \u0db8\u0dd0\u0da9\u0dbd\u0dd3\u0db8\u0da7 \u0d85\u0daf\u0dcf\u0dc5 \u0db1\u0dd3\u0dad\u0dd2 \u0db4\u0dd4\u0dc5\u0dd4\u0dbd\u0dca \u0d9a\u0dbb\u0dbd\u0dcf \u0dad\u0dd2\u0db6\u0dd9\u0db1\u0dc0\u0dcf.<\/em><\/p>\n

\u0dbd\u0d82\u0d9a\u0dcf\u0dc0\u0dda \u0db4\u0dd4\u0dbb\u0dc0\u0dd0\u0dc3\u0dd2\u0dba\u0db1\u0dca \u0db1\u0ddc\u0dc0\u0db1 \u0d9a\u0dd9\u0db1\u0d9a\u0dca, \u0dc0\u0dd9\u0db1\u0dad\u0dca \u0dbb\u0da7\u0d9a \u0db4\u0daf\u0d82\u0da0\u0dd2\u0dc0 \u0dc3\u0dd2\u0da7\u0dd2\u0db1, \u0d92 \u0dbb\u0da7\u0dda \u0db1\u0dda\u0dc0\u0dcf\u0dc3\u0dd2\u0d9a \u0dad\u0dd0\u0db1\u0dd0\u0dad\u0dca\u0dad\u0dd9\u0d9a\u0dd4 \u0dbd\u0ddd\u0d9a\u0dba\u0dda \u0d9a\u0ddc\u0dc4\u0dda \u0dc4\u0dbb\u0dd2 \u0dbb\u0da7\u0d9a \u0dbd\u0d82\u0d9a\u0dcf\u0dc0\u0dda \u0db4\u0db8\u0dab\u0d9a\u0dca \u0db1\u0ddc\u0dc0\u0dd9\u0dba\u0dd2 \u0dad\u0dca\u200d\u0dbb\u200b\u0dc3\u0dca\u0dad\u0dc0\u0dcf\u0daf\u0dd3 \u0d9a\u0da7\u0dba\u0dd4\u0dad\u0dd4 \u0dc3\u0db3\u0dc4\u0dcf \u0d86\u0db0\u0dcf\u0dbb \u0daf\u0dd4\u0db1\u0dca\u0db1\u0ddc\u0dad\u0dca \u0d91\u0dba \u0db8\u0dda \u0db4\u0db1\u0dad \u0dba\u0da7\u0dd9\u0dad\u0dca \u0dc0\u0dbb\u0daf\u0d9a\u0dca \u0dc0\u0dd2\u0daf\u0dd2\u0dba\u0da7\u200b \u0d87\u0dad\u0dc5\u0dad\u0dca \u0d9a\u0dbb \u0dad\u0dd2\u0db6\u0dd9\u0db1\u0dc0\u0dcf. “\u0d85\u0dbb\u0db8\u0daf\u0dbd\u0dca” \u0dba\u0db1\u0dca\u0db1 \u0db1\u0dd2\u0dbb\u0dca\u0dc0\u0da0\u0db1\u0dba\u0dda\u0daf\u0dd3 \u0dbd\u0d82\u0d9a\u0dcf\u0dc0 \u0dad\u0dc5 \u0dc4\u0ddd \u0db4\u0dd2\u0da7\u0dad \u0dad\u0db6\u0dcf \u0d9c\u0db1\u0dd4 \u0dbd\u0db6\u0db1 \u0dc3\u0dca\u0dae\u0dcf\u0dc0\u0dbb, \u0da0\u0d82\u0da0\u0dbd \u0dc0\u0dad\u0dca\u0d9a\u0db8\u0dca \u0db8\u0dd9\u0db1\u0dca\u0db8 \u0db7\u0dde\u0dad\u0dd2\u0d9a \u0dc4\u0ddd \u0d85\u0db7\u0dde\u0dad\u0dd2\u0d9a, \u0dc3\u0dca\u0db4\u0dbb\u0dca\u0dc1 \u0d9a\u0dc5 \u0dc4\u0dd0\u0d9a\u0dd2 \u0dc4\u0ddd \u0dc3\u0dca\u0db4\u0dbb\u0dca\u0dc1 \u0d9a\u0dc5 \u0db1\u0ddc\u0dc4\u0dd0\u0d9a\u0dd2 \u0dc0\u0dad\u0dca\u0d9a\u0db8\u0dca \u0dc3\u0dd2\u0dba\u0dbd\u0dca\u0dbd \u0d87\u0dad\u0dc5\u0dad\u0dca \u0d9a\u0dbb \u0dad\u0dd2\u0db6\u0dd9\u0db1\u0dc0\u0dcf. \u0dad\u0dca\u200d\u0dbb\u200b\u0dc3\u0dca\u0dad\u0dc0\u0dcf\u0daf\u0dba\u0da7 \u0d85\u0dbb\u0db8\u0dd4\u0daf\u0dbd\u0dca \u0dc3\u0dd0\u0db4\u0dba\u0dd3\u0db8\u0dda \u0dc0\u0dbb\u0daf \u0dba\u0db1\u0dca\u0db1\u0da7 \u0d91\u0d9a\u0dca \u0dad\u0dca\u200d\u0dbb\u200b\u0dc3\u0dca\u0dad\u0dc0\u0dcf\u0daf\u0dd2\u0dba\u0dd9\u0d9a\u0dd4 \u0dc3\u0db3\u0dc4\u0dcf \u0db8\u0dd4\u0daf\u0dbd\u0dca \u0dc3\u0dd0\u0db4\u0dba\u0dd3\u0db8 \u0dc4\u0ddd \u0d95\u0db1\u0dd1\u0db8 \u0dad\u0dca\u200d\u0dbb\u200b\u0dc3\u0dca\u0dad\u0dc0\u0dcf\u0daf\u0dd3 \u0d9a\u0dca\u200d\u0dbb\u0dd2\u0dba\u0dcf\u0dc0\u0d9a\u0da7 \u0d85\u0dbb\u0db8\u0dd4\u0daf\u0dbd\u0dca \u0dc3\u0dd0\u0db4\u0dba\u0dd3\u0db8 \u0d87\u0dad\u0dd4\u0dc5\u0dad\u0dca \u0d9a\u0dbb \u0dad\u0dd2\u0db6\u0dd9\u0db1\u0dc0\u0dcf. \u0dad\u0dca\u200d\u0dbb\u200b\u0dc3\u0dca\u0dad\u0dc0\u0dcf\u0daf\u0dba\u0da7 \u0d85\u0dbb\u0db8\u0dd4\u0daf\u0dbd\u0dca \u0dc3\u0dd0\u0db4\u0dba\u0dd3\u0db8 \u0dc3\u0db8\u0dca\u0db6\u0db1\u0dca\u0db0\u0dba\u0dd9\u0db1\u0dca \u0dc4\u0ddd \u0dad\u0dca\u200d\u0dbb\u0dc3\u0dca\u0dad\u0dc0\u0dcf\u0daf\u0dba\u00a0\u0dc3\u0db8\u0dca\u0db6\u0db1\u0dca\u0db0 \u0d85\u0dbb\u0db8\u0dd4\u0daf\u0dbd\u0dca \u0dc3\u0dc4 \u0daf\u0dda\u0db4\u0ddc\u0dc5 \u0d85\u0db0\u0dd2\u0da0\u0ddd\u0daf\u0db1\u0dcf \u0d9c\u0ddc\u0db1\u0dd4 \u0d9a\u0dd2\u0dbb\u0dd3\u0db8\u0da7 \u0db4\u0dca\u200d\u0dbb\u0dae\u0db8\u200b \u0d85\u0dad\u0dca \u0dc4\u0dd2\u0da7\u0dd4\u0dc0\u0dd3\u0db8\u0dda \u0db6\u0dbd\u0dba \u0db4\u0ddc\u0dbd\u0dd3\u0dc3\u0dd2\u0dba \u0dc0\u0dd9\u0dad \u0dbd\u0db6\u0dcf \u0daf\u0dd3 \u0dad\u0dd2\u0db6\u0dd9\u0db1\u0dc0\u0dcf. \u0d92 \u0db1\u0dd2\u0dc3\u0dcf \u0db8\u0dda \u0db4\u0db1\u0dad \u0d9a\u0dd9\u0da7\u0dd4\u0db8\u0dca\u0db4\u0dad \u0db8\u0d9f\u0dd2\u0db1\u0dca \u0da2\u0dcf\u0dad\u0dd2\u0d9a \u0d86\u0dbb\u0d9a\u0dca\u0dc2\u0dcf\u0dc0, \u0da2\u0dcf\u0dad\u0dd2\u0d9a \u0d86\u0dbb\u0dca\u0dae\u0dd2\u0d9a\u0dba\u0dda \u0d86\u0dbb\u0d9a\u0dca\u0dc2\u0dcf\u0dc0, \u0db8\u0dc4\u0da2\u0db1\u0dad\u0dcf\u0dc0\u0d9c\u0dda \u0d86\u0dbb\u0d9a\u0dca\u0dc2\u0dcf\u0dc0 \u0dad\u0dc4\u0dc0\u0dd4\u0dbb\u0dd4 \u0d9a\u0dbb\u0db1 \u0db1\u0dd2\u0dc3\u0dcf \u0daf\u0dda\u0dc1\u0db4\u0dcf\u0dbd\u0db1 \u0db4\u0d9a\u0dca\u0dc2, \u0db4\u0dcf\u0da7 \u0db7\u0dda\u0daf\u0dd9\u0dba\u0dd9\u0db1\u0dca \u0dad\u0ddc\u0dbb\u0dc0 \u0dbb\u0da7 \u0dc4\u0dcf \u0da2\u0db1\u0dad\u0dcf\u0dc0\u0d9c\u0dda \u0dba\u0dc4\u0db4\u0dad \u0dc0\u0dd9\u0db1\u0dd4\u0dc0\u0db1\u0dca \u0db8\u0dd9\u0d9a\u0dd3 \u0db4\u0db1\u0dad\u0dca \u0d9a\u0dd9\u0da7\u0dd4\u0db8\u0dca\u0db4\u0dad \u0dc3\u0db8\u0dd2\u0db8\u0dad \u0d9a\u0dbb \u0daf\u0dd9\u0db1 \u0dbd\u0dd9\u0dc3 \u0d89\u0dbd\u0dca\u0dbd\u0dcf \u0dc3\u0dd2\u0da7\u0dd2\u0db8\u0dd2\u0db1\u0dca \u0db8\u0d9c\u0dd9 \u0dc0\u0da0\u0db1 \u0dc3\u0dca\u0dc0\u0dbd\u0dca\u0db4\u0dba \u0db8\u0dd9\u0dba\u0dd2\u0db1\u0dca \u0dc3\u0db8\u0dcf\u0db4\u0dca\u0dad \u0d9a\u0dbb\u0db1\u0dc0\u0dcf…<\/em>“<\/i><\/p>\n

(Regulations have laid down by the amendment to take actions against those who financing by aiding and abetting for Terrorism, inside and outside of Sri Lanka, so, whoever commits an offence by doing money laundering in Si Lanka shall be dealt with this draft Money Laundering (amendment) Act. As per Hon, Ravi Karunanayake mentioned, notwithstanding the person or his upbringing, everyone is governed by this law. If there are proceeds which have been earned by money laundering activities, there are provisions to compensate the said amounts from other means. If there is no money in the country, the said amount can be recovered from an asset owned to such people which is located in their country. By adding an imprisonment of 5-years or more in to the definition of “unlawful activity”, the range of application of this law has been widened. To this draft Money Laundering (amendment) Act, the offences laid down by other jurisdictions are also being covered. Following the Convention on Prevention of Finance to Terrorism, our law has been expanded over Sri Lankans, and Non-Sri Lankans for the purpose of preventing financing for terrorism.<\/i><\/p>\n

A person who is not a citizen of this country, any other person who is not a citizen of Sri Lanka but resides in some other country, who supports to Terrorist activities, found to be as an offence under this Act. “Funds” means and includes fixed and variable assets hold in Sri Lanka and outside, physical and not-physical as well as tangible and non-tangible assets. The offence of facilitating finance to Terrorism has been re-defined as facilitating to one Terrorist or facilitating for any sort of Terrorist activity. Facilitating finance to terrorism or wealth accrued from terrorist activities could be freezed by the Police even before any indictment is served. This Act shall aid for national security, national economy, as well as safeguarding the public at large. Hence, at last, I solicit your vote, leaving aside party politics, for this Draft Act to be passed in this House which will be benefit to the public) \u00a0 \u00a0 \u00a0<\/span><\/i><\/p>\n

Page no 712 of Volume 202 – No. 6 – Wednesday, 21st<\/sup> September, 2011 of Hansards of Sri Lanka Parliament.<\/p>\n

Albeit,<\/i> at the inception, other than the Terrorism and selected group of crimes the law stretched to prevention of some other illegal ways of accumulation of wealth too encompassed to this legal framework, inter alia,<\/i> committing offences under, Bribery Act, Excise Act, Banking Act, Exchange Control Act etc.<\/p>\n

Despite the fact that wide spectrum of offences included in to as money laundering activities, the application of other different areas of law was sparingly used till 2011. In 2011, another new amendment came and further broadened the construction of \u201cunlawful activity\u201d upon which Money Laundering Act could kick in.<\/p>\n

According to which, following new offences were introduced as unlawful activities to be punished under Money Laundering Act:<\/p>\n

\u201c\u2026(4) in\u00a0<\/span>the\u00a0<\/span>definition\u00a0<\/span>of\u00a0<\/span>the\u00a0 <\/span>expression\u00a0<\/span>\u201cunlawful activity\u201d \u2014<\/i><\/p>\n

(a)\u00a0<\/span>by the repeal of paragraph (e) thereof and the substitution\u00a0 <\/span>therefor\u00a0<\/span>of the following:\u2014\u201c(e) the\u00a0<\/span>Exchange\u00a0<\/span>Control\u00a0<\/span>Act\u00a0<\/span>(Chapter423) and any Rule, Order or Regulation made\u00a0 <\/span>thereunder;\u201d;<\/i><\/p>\n

(b)\u00a0<\/span>by the repeal of paragraphs (j) and (k) thereof and the substitution\u00a0<\/span>therefor\u00a0<\/span>of the following paragraphs:\u2014 \u201c(j)\u00a0<\/span>any written\u00a0<\/span>law\u00a0<\/span>for\u00a0<\/span>the time being in force\u00a0<\/span>relating\u00a0<\/span>to\u00a0<\/span>offences\u00a0<\/span>connected with\u00a0 <\/span>the\u00a0 <\/span>trafficking\u00a0<\/span>or\u00a0<\/span>smuggling\u00a0<\/span>of persons;<\/i><\/p>\n

(k) the Customs Ordinance (Chapter 235)and any Regulation, Rule or Order made thereunder;<\/i><\/p>\n

(l)\u00a0<\/span>the Excise\u00a0<\/span>Ordinance (Chapter 52)\u00a0<\/span>and any\u00a0<\/span>Regulation,\u00a0<\/span>Rule\u00a0<\/span>or\u00a0<\/span>Order\u00a0<\/span>made thereunder;<\/i><\/p>\n

(m)\u00a0<\/span>the Payment Devices Frauds Act, No.30\u00a0<\/span>of\u00a0<\/span>2006\u00a0<\/span>and\u00a0<\/span>any\u00a0<\/span>Regulation,\u00a0<\/span>Rule or Order made thereunder;<\/i><\/p>\n

(n)\u00a0<\/span>the\u00a0<\/span>National\u00a0<\/span>Environmental\u00a0<\/span>Act,\u00a0<\/span>No.47\u00a0<\/span>of\u00a0<\/span>1980\u00a0<\/span>and\u00a0<\/span>any\u00a0<\/span>Regulation,\u00a0<\/span>Rule or Order made thereunder;<\/i><\/p>\n

(o)\u00a0<\/span>an offence under any other written law for\u00a0<\/span>the\u00a0<\/span>time\u00a0<\/span>being\u00a0<\/span>in\u00a0<\/span>force\u00a0<\/span>which\u00a0<\/span>is punishable by death or\u00a0<\/span>with imprisonment\u00a0<\/span>for a term five years or more:\u00a0<\/span><\/i><\/p>\n

Provided however that, notwithstanding\u00a0<\/span>anything\u00a0<\/span>to\u00a0<\/span>the contrary\u00a0<\/span>in\u00a0<\/span>the\u00a0<\/span>preceding\u00a0<\/span>provision, any offence\u00a0<\/span>under\u00a0<\/span>sections\u00a0<\/span>386, 388, 399 and 401 of the Penal Code (Chapter19) shall be deemed to be an unlawful activity\u00a0<\/span>for\u00a0<\/span>the\u00a0<\/span>purposes\u00a0<\/span>of\u00a0<\/span>this\u00a0<\/span>Act; and<\/i><\/p>\n

(p)\u00a0<\/i>an act committed within any jurisdiction\u00a0<\/span>outside\u00a0<\/span>Sri\u00a0 <\/span>Lanka,\u00a0<\/span>which would\u00a0<\/span>either\u00a0<\/span>constitute\u00a0<\/span>an\u00a0<\/span>offence\u00a0<\/span>in that\u00a0<\/span>jurisdiction\u00a0<\/span>or\u00a0<\/span>which\u00a0<\/span>would\u00a0<\/span>if committed\u00a0<\/span>in\u00a0<\/span>Sri\u00a0<\/span>Lanka\u00a0<\/span>amount\u00a0<\/span>to\u00a0<\/span>an unlawful\u00a0 <\/span>activity\u00a0 <\/span>within\u00a0 <\/span>the\u00a0 <\/span>meaning of this Act\u2026\u201d<\/i><\/p>\n

Now, the Money Laundering Act has its implications on wide spectrum of offences. It ranges from money collected from Terrorist Activities to acts made under National Environmental Act.<\/p>\n

Modus operandi<\/i> of prosecuting against such an offender is, whenever the Police have reasonable grounds that a person has accrued wealth which cannot be justified by his or her known income, as per section 7 of the Act, a Police Officer not below the rank of Superintendent of Police could issue a \u201cfreezing order\u201d by his own prohibiting any transactions in relation to such person\u2019s bank accounts, property and investments. Such order only lasts for 7-days. The said prosecuting officers could make further application before the High Court and confirm the aforesaid freezing order in terms of section 8 of the Act for additional period. However, such confirmation could also extend up to 1-year. Amidst of such a freezing order operates, the Police via<\/i> Hon. Attorney General, should prosecute against the said offenders if there are satisfactory grounds for framing a charge sheet.\u00a0<\/span><\/p>\n

Money-Laundering Charges Against Ex-CEO of Sri Lankan Airlines and his wife<\/b><\/span><\/p>\n

The most recent suspects which are governed under this specific law is Ex-CEO of Sri Lanka\u2019s National Carrier SriLankan Airlines<\/strong><\/span><\/a> and his wife.\u00a0<\/span><\/p>\n

It was come to light that three bank accounts maintained at the Standard Chartered Bank by a company by the name of Biz Solutions by Priyanka Neomali Wijenayake<\/span><\/strong><\/a> the wife of SriLankan Airlines CEO Kapila Chandrasena, who was the sole director, had received a sum of USD 2 Million paid as a bribe by European Aeronautic Defence and Space Company N.V.\u00a0<\/span><\/p>\n

The said Airbus Company resides at 1 Rond Point Maurice Bellonte Blagnac, 31707 France, founded in 08-03-2001 provides aerospace products. The Company designs, produces, and delivers commercial aircrafts, helicopters, defense, security, and space products. This is a subsidiary of Airbus SE which is the biggest European multinational aerospace corporation.\u00a0<\/span><\/p>\n

Criminal Investigation Department (CID) has found that the money was accepted by Priyanka Neomali Wijenayake who possessed an account under the entity \u2013 Biz Solutions bearing No 0107130602 maintained at the Standard Chartered Bank of Singapore and afterwards remitted the same into an account of her husband Kapila Chandrasena bearing no 06323610119179 maintained at the Commonwealth Bank in Australia. Thus, the acceptance of money, by whomever sent, for whatever the purpose, are undisputable. Nevertheless, it is reported that both Ex-CEO and his wife had given statements that they were unaware how such money came in to their bank accounts. If that defense presumed to be correct, that defense is worst than the offence!\u00a0<\/span><\/p>\n

Having accepted the above said colossal money and having debited the same to Ex-CEO\u2019s Australian Bank account, only question to answer, now is the aforesaid sum of 2 USD were transferred to the Wife of Ex-CEO\u2019s bank account on what justa causa<\/i>. Assuming that this huge amount of money given to those duo by Heaven, for doing nothing, it is not wrong to bring them under Money Laundering Laws according to which requires the suspects to be given justifiable reasons for their mean of proceeds from their known income. As long as they fail to do so, chances are high that they will sooner or later have to be in behind bars.\u00a0<\/span><\/p>\n

Now it is reported that this bulk money was received by the said parties as a part of the Deferred Prosecution Agreement reached between Airbus and some other companies that the latter had agreed to pay out a sum of 16.84 Million US dollars (Rs. 2.5 bn [2015]) to influence the aircraft purchase, to a company registered in Brunei under the name of the wife of Ex-CEO of Sri Lankan Airlines. This gigantic transnational fraud was found after an investigation conducted by the French financial prosecutor\u2019s office and British Serious Fraud Office started in 2016, and the US Department of Justice in 2018. According to the said investigations, it was revealed that the end figures of soliciting bribes to different companies across the world strikes alarmingly about 3-Billion Euros. As a result, the Airbus have pledged to compensate to those who were aggrieved by their misdeeds. Thus far, It is predicted Airbus could have faced even greater penalties and legal fees if the case had gone to trial. Besides to the announcement by Airbus of their intentions to pay compensations, the Serious Fraud Office (SFO) based on London confirms that, a public hearing is held from Friday, 31 January before the President of the Queen\u2019s Bench Division.<\/p>\n

Sri Lanka has already instituted criminal actions against the aforesaid perpetrators under Money Laundering Act. Writer is sure about that must be under the limbs of \u201c\u2026(g) any law for the time being in force relating to transnational organised crime; <\/i>and (p) an act committed within any jurisdiction\u00a0<\/span>outside\u00a0<\/span>Sri\u00a0<\/span>Lanka,\u00a0<\/span>which would\u00a0<\/span>either\u00a0<\/span>constitute\u00a0<\/span>an\u00a0<\/span>offence\u00a0<\/span>in that\u00a0<\/span>jurisdiction\u00a0<\/span>or\u00a0<\/span>which\u00a0 <\/span>would\u00a0<\/span>if committed\u00a0<\/span>in\u00a0<\/span>Sri\u00a0<\/span>Lanka\u00a0<\/span>amount\u00a0<\/span>to\u00a0<\/span>an unlawful\u00a0<\/span>activity\u00a0<\/span>within\u00a0<\/span>the\u00a0<\/span>meaning of this Act\u2026\u201d<\/i> which come under the definition of \u201cunlawful activity\u201d of Money Laundering Act. In addition since, such accumulation of money derived from bribes, the suspects could be dealt under Bribery Act as well. As per words of the doyen of Contract Law of Sri Lanka, C. G. Weeramantry in his \u201cThe Law of Contracts Vol 1 \u2013 2012\u201d, at page no. 339, that, \u201c\u2026Statute may expressly prohibit certain contracts; or declare certain contracts null and void; or prohibit the making of a contract in any manner other than the specified in the statute on pain of invalidity, or ay impose penalties or disabilities on specific acts or omissions in violation of the statute. Some of these provisions amount to statutory prohibitions, and of these prohibitions it will be seen that some are express some are implied\u2026\u201d<\/i> and the words of Atkin, L. J., in re Mahamoud and Isphani (1921) 2 K. B.\u00a0 <\/span>731, that, \u201c\u2026contract or class of contract is prohibited by statute, it may find express prohibitions in the statute or it may have to infer the prohibition from the fact that the statute imposes a penalty upon the persons entering into that class of contract\u2026\u201d<\/i> Sri Lankan Government could unilaterally cancel, if there is any such verbal or written Agreement between Airbus Co. and Sri Lankan Government is in effect, forthwith, as the said contracts are deem to be illegal contracts under the Common Law.<\/p>\n

In this backdrop, it seem that Sri Lanka has enough laws to bring the aforesaid Ex-CEO of National Carrier \u2013 Kapila Chandrasena and his wife to courts and make sure to justice being dispensed irrespective of their political affiliations.\u00a0<\/span><\/p>\n

Further, since the Airbus had agreed to pay back the said bribes as compensation to those who lost the aforesaid money, Sri Lanka must take all legal measures to bring back the said large scale of finance to Sri Lanka. Evening Express, reports that, \u201cMore than 3 billion euros is not a very easy fine to pay, Mr. Bohnert told reporters, saying it was wiping out the equivalent of a year of Airbus profits \u2013 in a good year.\u201d<\/i> Hence, other than bringing the perpetrators to courts, Sri Lankan Government must officially demand for the loss of their turnover which was pillaged by a third party at the cost of this entire exercise. By looking at the nature of abusing the public finance of one of the most respected Public Companies in the Country, no wonder that State-run Sri Lankan Airlines total loss has increased to 12,961 million rupees in the first four months of 2019. It was no surprise that the total debt of Sri Lankan exceeded US 750 million dollars, according to mid \u2013year Fiscal Position Report -2019 of the Finance Ministry. \u00a0<\/span><\/p>\n

Freezing Orders were given under Money-Laundering Act against 28-Bank Accounts run under the name of Perpetual Treasuries\u00a0<\/span><\/b><\/span><\/p>\n

\u201cWhen I was young I thought that money was the most important thing in life. Now that I am old, I know that it is.\u201d<\/i> The aforesaid words of Oscar Wilde may have been the motto of Arjun Aloysius, Arjuna Mahendran and the clan.<\/p>\n

Beforehand the charges leveled against the Ex-CEO of Sri Lankan Airlines and his wife, it was Central Bank Bond Scam was the talk of the day during \u2018Yahapanaya\u2019 era. It was found that Perpetual Treasuries<\/span><\/strong><\/a> owned by Arjun Aloysius who is the son-in-law of former Central Bank Governor, now absconding accused of High Court Trial-at-Bar case, Arjuna Mahendran, along with the latter himself had committed insider dealings and earned mammoth profits out of transactions took placed at primary and secondary market in the financial market.\u00a0<\/span><\/p>\n

Again, the Money Laundering Act was used to prevent 28-bank accounts of the subsidiaries came under Perpetual Treasuries, to stop, being further misused of the money accrued from aforesaid illegal means. Among the companies in the group were Perpetual Treasuries (Pvt) Ltd, Perpetual Asset Management (Pvt) Ltd, Perpetual Capital Holdings (Pvt) Ltd, W M Mendis & Co Ltd and Integrated Media Networks (Pvt) Ltd.\u00a0<\/span><\/p>\n

Eventually, it was measured that nearly 11-Billion Rupees had been plundered as a result of the aforesaid insider dealings, and thereby 23 indictments filed on or about 19-07-2019 at permanent high court trial at bar against the 10 accused, namely, former Central Bank Governor Arjuna Mahendran, former Central Bank Deputy Governor P. Samarasiri, Perpetual Treasuries Limited, PTL beneficial owner Arjun Aloysius, PTL CEO Kasun Palisena. Jeffery Joseph Aloysius, Pushya Gunawardena, Ranjan Hulugalla, Muthuraja Surendran and Ajahn Punchihewa.\u00a0<\/span><\/p>\n

In any case, it must be appreciated that Sri Lanka has for the first time in history has brought such group of fraudsters to law.<\/p>\n

Ravi Karunanayake got escaped from Money Laundering Charges<\/b><\/span><\/p>\n

Unlike nowadays Attorney General \u2013 Dappula De Livera, during times of Yuvanjana Wijeyathilake, it was alleged that those who have accused of having Money Laundering charges had a carnival. In contrast, \u00a0Livera\u00a0 <\/span>has been very focused on his job to prosecute against Ex-CEO of SriLankan Airlines and his wife (notwithstanding the writer having his own reservations towards him in certain aspects).<\/p>\n

Though it is now the history, it must reveal, nothing but the truth, that, in the High Court Case No. 4648\/2009 (decided on 18th May 2015) Mr. Ravi Karunanayake who was holding the public office of the Minister of Finance was indicted before the High Court of Colombo, for committing of serious money laundering offence involving 3-Million US dollars, which he had received from one Raj Rajarathnam, who is now serving a 11-year prison sentence in the USA. The aforesaid case was dismissed due to flout of framing of charges in the High Court indictment, brining shame to entire Attorney General\u2019s Department. During this time it was Yuvanjana Wijeyathilake was the head of that Department. Despite having all the rights to file a fresh flawless Charge Sheet against MP Ravi Karunanayake<\/span><\/strong><\/a> as the Public Prosecutor, the good Minister is yet to receive that Charge Sheet! This reminds the writer, Charles Dickens, who once said in his \u201cThe Old Curiosity Shop\u201d that \u201c\u2026if there were no bad people, there would be no good lawyers.\u201d <\/i>Herding cats is easier than punishing against a Parliamentarian in Sri Lanka.<\/p>\n

The Man who changed his Spouse to become the PM, as per Ranjangate, was too drilled under Money Laundering Act<\/b><\/span><\/p>\n

It is the Minister Mahindananda Aluthgamage<\/span><\/strong><\/a> was suspected under committing offence under Money Laundering laws, once Aluthgamage\u2019s shocking mountain of wealth came into light when his wife sought Rs. 500 million settlement during their divorce. Having started his job as an insurance agent, Aluthgamage is today the owner of several plots of lands in Colombo and Kandy as well as other luxury properties. He is reported to have purchased a 20-perch land in Borella, another property in the highly residential area of Koswatta, Nawala and also said to be owned at least two plots of land in Kandy. He also owns luxury apartment at Trillium Residencies and another property at Kynsey Road, Colombo 7 in terms of the aforesaid Divorce case.<\/p>\n

Notwithstanding the amassed wealth accrued by this Minister, and despite a case filed before the Chief Magistrate\u2019s Court of Colombo by the Criminal Investigation Department soon after \u2018Yahapalanaya\u2019 Government came into power, none of his wealth was freezed nor bard from utilizing to date. He is merrily enjoy those wealth without any encumbrances. The litigation commenced against the aforesaid Minister is merely frothy foam on top of beer which is produced by bubbles of gas! One may not surprise, same as Ravi Karunannayake\u2019s saga, even if the Aluthgamage saga too shall turn out to be beating his head against the wall.\u00a0<\/span><\/p>\n

Let the writer to conclude quoting George Lorimer, an American Journalist who was the editor of Saturday Evening Post, as follows: \u201cIt\u2019s good to have money and the things that money can buy, but it\u2019s good, too, to check up once in a while and make sure that you haven\u2019t lost the things that money can\u2019t buy.\u201d<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

[…]<\/p>\n","protected":false},"author":308,"featured_media":208018,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,2186,46,8],"tags":[],"class_list":["post-208015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-colombotelegraph","category-featured-news","category-constitutional-reforms","category-editorial"],"yoast_head":"\n\u201cMoney Has Never Made A Man Happy, Nor Will It\u201d: An Insight To Money Laundering Laws In Sri Lanka - 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\/money-has-never-made-a-man-happy-nor-will-it-an-insight-to-money-laundering-laws-in-sri-lanka\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u201cMoney Has Never Made A Man Happy, Nor Will It\u201d: An Insight To Money Laundering Laws In Sri Lanka - 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