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| Sunday, 13 February 2005 |
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No way to monitor tsunami rich by Jayantha Sri Nissanka Millions of rupees raised by various organisations and individuals for tsunami victims were in danger of being siphoned-off due to the absence of regulations to monitor their financial operations, unless special regulations were introduced soon. Many NGOs, organisations and individuals raised funds to assist tsunami victims locally and internationally. Some millions could be pocketed by them by submitting bogus cost estimates and various other methods. It would be difficult to monitor funds raised by individuals through web sites and other means and whether they would use these funds for the victims, a Finance Ministry official said. Banking sources told the Sunday Observer that funds in bank accounts of many individuals and various organisations have increased by leaps and bounds after the December 26 devastation. Therefore, new regulations should be brought immediately to monitor the raising of funds by individuals and organisations and the utilisation of these funds. Deputy Finance Minister Ranjith Siyambalapitiya told the Sunday Observer "the present law does not permit the Government to strictly monitor the financial operations of NGOs". |
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