Racket Busting

Treasury Secretary Dr. P B Jayasundera says the government is formulating new laws to stop international racketeers from using local financial markets to launder funds collected through illegal means.
The new money laundering law would be one of the pieces of draft legislation coming under the financial sector reform cell of the newly created National Committee for Economic Development (NCED).rn

rn”Anti-Money Laundering law is one of the major changes being identified, with the Foreign Ministry, the Central Bank the Legal Draftsman and the Attorney General closely working on that,” Dr. Jayasundera said responding to questions about how the government was tackling investments in the Colombo Stock Exchange by companies whose main activities were either international crimes or elements of it were already illegal.rn

rnBut Dr. Jayasundera points out that it is not easy to deal in advance with all specific activities like pyramiding that comes up from time to time when governments decide to open financia