June 29 (Citizen News) – Opposition MP Ravi Karunanayake has urged Parliament’s Committee on Public Finance (COPF) to immediately launch an inquiry into an alleged US$1 billion foreign exchange fraud highlighted by President Anura Kumara Dissanayake, calling for key financial regulators and institutions to be summoned before the committee.
In a letter addressed to the Chairman of COPF, Karunanayake said the committee has a constitutional duty to urgently examine the allegations, warning that any delay would undermine its oversight responsibilities.
Referring to recent remarks made by President Dissanayake in his capacity as Finance Minister, the MP said Sri Lanka is alleged to have lost nearly US$1 billion since 2024 through fraudulent telegraphic transfers and advance payments made for so-called "phantom imports" where no goods were actually brought into the country.
Karunanayake also referred to statements by Public Security Minister Ananda Wijepala, who revealed that investigators had uncovered an alleged trade-based money laundering network involving billions of rupees transferred overseas through illegal transactions and shell companies.
The opposition lawmaker further called for an examination of cryptocurrency regulation, noting that he had previously raised concerns before COPF in January 2025 about the risks associated with unregulated digital currency transactions.
Questioning the effectiveness of the Central Bank’s supervisory framework, Karunanayake argued that anti-money laundering and financial monitoring systems should have detected such a large volume of suspicious transactions.
He requested COPF to summon the Governor and senior officials of the Central Bank of Sri Lanka, the Controller General of Imports and Exports, the Director General of Sri Lanka Customs, the Chief Compliance Officers of the 13 commercial banks allegedly connected to the transactions, and any other relevant state or law enforcement agencies.
Karunanayake said the inquiry should focus on identifying regulatory shortcomings, strengthening oversight mechanisms, and ensuring accountability for any institutional failures.
He concluded by urging COPF to include the matter on the agenda of its next meeting and begin a comprehensive institutional investigation without delay. - Newswire
