Finance Ministry delegation heads to Seychelles to probe on national funds illegally transferred during previous regime
A group of delegates from the Finance Ministry is due to leave for Seychelles State within the next 2 days to probe regarding the national funds transferred to Seychelles during the previous regime.
Finance Minister told our news team that the delegation of the Finance Ministry and Seychelles authorities will hold talks regarding the illegal transfer of funds through financial institutions in Seychelles.
Certain factions have transferred their financial assets to other countries through financial institutions in Seychelles exploiting their tax concessions.
Meanwhile, during an investigation conducted by the Finance Ministry it has been revealed that a local state bank has established a branch in Seychelles without the approval of the Central Bank.
It has also been revealed that the particular bank has requested the consent from the Central Bank, but has not received it.
There are only 64 Sri Lankans with permanent residency in Seychelles State including those engaged in diplomatic services.
Therefore, the Finance Ministry is paying attention on why there was a need of a bank branch for this group of expats.
And the ministry also intends to question the top management of the relevant state bank regarding this matter.
Indian media reported that India will offer its continuous support for the investigations conducted regarding the transfer of funds to foreign countries during the previous regime.
India will also aid to set up a Financial Intelligence Unit to trace the funds alleged to have been transferred to foreign countries.
Indian sources reported that funds worth billions of dollars have been transferred to various countries including Seychelles, Saint Martin’s, Hong Kong and Macau Island.
Furthermore, the World Bank has also extended its support to probe on the illegal transfers of the national funds.