Business
Sri Lanka’s hawkish stance on hawala tougher than ever before
Country lost USD 300 million worth remittances to ‘unlawful’ operatives in just one month
by Sanath Nanayakkare
About USD 300 million remitted by Sri Lankan migrant workers in the month of November 2021 alone appears to have been handled by hawala operatives that pay Rs. 240 per US dollar in highly suspicious unofficial transactions, Central Bank Governor Ajith Nivard Cabraal told reporters in Colombo on Saturday.
Hawala is a system of transferring money whereby the money is paid to an agent who then instructs an associate in the relevant country or area to pay the final recipient.
“If someone collected an amount of USD 300 million overseas from migrant workers there, and their associates here distributed an equivalent sum of Rs. 72 billion in just one monthy; we have to wonder how it happened and where all that money came from? Who had got that kind of money here to credit to various accounts? We are now observing this development which smells an act of money laundering. If someone credits or gives cash to individuals in such non-transparent transactions, and the Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka detects suspicious activity, it can freeze such accounts. The FIU will probe into such incidents along with the police and take necessary action. So, we request our migrant workers to send their hard-earned money through banks without using unofficial channels, We suspect that this parallel payment industry is mainly operated by cohorts of drug traffickers. Don’t get ‘addicted’ to sending your money through unofficial channels of this nature because at times when we investigate instances, the recipients also could face issues although we don’t like to see that happen,” Cabraal said.
“We will be paying an additional incentive of 8 rupees per dollar for workers’ remittances which are converted in the month of December, in addition to an existing offer of 2 rupees, when such funds are sent through licensed banks and other internationally accepted formal channels,” he noted.
“Such workers will also have access to pension and insurance programmes and duty free concessions. We are working on providing them with such rewards,” the Governor said.
Sri Lanka, which faces $1.5 billion of debt maturities next year, is looking for a revival in its Covid-hit tourism industry with the reopening of the country after extended lockdowns. It is also depending on increased remittances to tide over its liquidity issue.
The monetary authority is forecasting foreign reserves to increase to $3.5 billion by end-2021. Foreign reserves fell 16% to $2.27 billion in October, the lowest since July 2009.
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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Rahuman questions sudden cancellation of leave of CEB employees
