Investigations on Panama papers must be expedited - ACF

The Sri Lankan authorities must determine whether the persons, whose names exposed in Panama Papers, have paid the necessary taxes and if taxes are not paid steps should be taken to reclaim the money, the Anti-Corruption Front (ACF) urged today (10).

“Billions of dollars have been taken out of Sri Lanka in the recent years. Central Bank must take steps to get this money back. Panama papers have only reminded us again the need to introduce a mechanism regarding financial crimes,” said Rajith Keerthi Tennakoon, advisor of ACF.

“We can’t be at all happy about the state of financial investigations,” he added.

“Panama Papers released yesterday (9) revealed the names of 19 Sri Lankans who maintained 22 offshore accounts. Earlier offshore leaks had revealed the names of 42 Sri Lankans maintaining offshore accounts. Thus the names of 60 Sri Lankans maintaining 65 offshore accounts and 51 addresses have been revealed.

Although it is not illegal for a Sri Lankan to maintain offshore accounts, those maintaining accounts must inform the Central bank and pay the necessary taxes. Thus the Sri Lankan authorities must determine whether these persons have paid the necessary taxes and if taxes are not paid steps should be taken to reclaim the money,” an ACF statement added.