The Transparency International Sri Lanka says it is deeply concerned regarding the new Finance Act passed in Parliament this week which aims to grant tax amnesty for individuals who voluntarily disclose their undisclosed income and assets.
Issuing a statement, the TISL warns that the amnesty scheme could be abused for the purpose of money laundering unless regulatory authorities take extra measures to counter such attempts.
It calls for the Central Bank, the Financial Intelligence Unit and other obligated entities to ensure proper enforcement of existing Anti Money Laundering and Counter Terrorist Financing laws and guidelines in relation to the new Act, including on issues relating to beneficial ownership.
The TISL said adherence to such procedures will ensure that individuals with legitimate sources of money would be able to bring it into the country without hindrance while it makes it increasingly difficult for money generated through illicit means to enter the country.
The TISL has also requested all law enforcement and regulatory authorities to ensure that this tax amnesty is not abused by those who could cause detriment to the country, and ensuring that the public is kept informed of the safeguards put in place to avert such abuse.