Money laundering - CID to peruse private bank account

by Sarath Malalasekera

The Colombo Fort Magistrate and Additional District Judge Namal Bandara Balalle allowing an application by the Criminal Investigation Department probing a violation of the Money Laundering Act directed the CID to peruse an account of a private bank where US Dollars 3 million had been deposited and to submit a comprehensive report to court on the next date, December 7.

The Judge directed the private bank authorities, to allow the CID to peruse all relevant documents pertaining to the account that US Dollars 3 million had been deposited. The CID commenced investigations on a complaint by the Financial Intelligence Unit (FIU) of the Central Bank to the CID Director Senior SP Nimal Kulatunga.

CID investigations revealed that the US Dollars 3 million had been sent to a Sri Lankan private bank on the direction of UNP MP Ravi Karunanayake. Investigations also revealed that the money had been sent to purchase shares from a private bank, but it was not in keeping with the Share Investment External Rupee Account.

The CID told court that they had recorded statements from several senior officers of the Central Bank. This is an offence under Section 7 of the Exchange Control Act, they said.