Friday, November 24, 2006

Money Laundering Label Hard to Shake

Foreign investors in Singapore who attended a road show by the Colombo Stock Exchange have raised questions about Sri Lanka's growing infamy as a money laundering hub, and the inability of authorities to counter such activities, participants said.

One foreign investor asked the head table what action the authorities planned to take against recent share acquisitions in Sri Lanka by companies with questionable backgrounds.

Sri Lankan officials had replied that the country has signed international conventions against money laundering and a Financial Intelligence Unit had been set up, a participant said.


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