Business
Money launderers would be brought to justice regardless of social standing – CBSL Governor
By Steve A. Morrell
Money-laundering and related financial frauds would be intensely investigated and those suspected of such financial crime would be brought to j1ustice regardless of social standing. The law would be enforced stringently on those who engage in these malpractices, Central Bank Governor Ajith Nivard Cabraal said.
The CBSL Governor made these comments in response to questions posed by the press at the media briefing addressed by him on December 4 at CBSL’s Atrium complex. At the head table with Governor Cabraal were Deputy Governor Dr. K.M.M. Siriwardena, Deputy Governor Ms. T.M.J.Y.P. Fernando, Deputy Governor Dr. N.W.G.R.D. Nanayakkara and Deputy Director of the Foreign Remittances Facilitation Department Dr. B.H.P.K. Thilakawardena.
It is of importance that banks have assured the Central Bank that such suspect transactions would be closely monitored. The receipt of large parcels of funds that raise suspicions would be thoroughly probed. Banks would be empowered to investigate the origins of such funds. If valid explanations are not forthcoming as to how such moneys were amassed, action would be taken following intense investigations to bring wrong-doers to justice, the CBSL Governor said.
On the subject of Sri Lankan migrant workers, Cabraal said that the number of workers who departed this year was comparatively low. Some 20,000 left for employment. This figure was nowhere near the annual departure rate. Before the pandemic, about 96, 000 or more Sri Lankan migrant workers were employed in other countries.
Cabraal added:
‘The low worker departure numbers this year meant dollar remittances this year were also low.
‘However, such remittances attracted duty free concessions, which encouraged migrant workers to send back earnings.
‘In exchange rates, the dollar was now Rs.210. This meant that depreciation of the rupee was stalled.
‘Inflation is subjected to global prices of oil, coal and other goods Sri Lanka imports. Based on such international prices, import value of such commodities was beyond the control of the local authorities and did influence the inflation that was experienced by Sri Lanka.
‘Departure to other countries for employment by Sri Lankans was now facilitated to ensure such departures were not stalled in any way because of the importance of forex remittances.
‘There was also now a useful pension scheme in addition to the duty- free allowance; mainly to encourage inward remittances.’
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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