In response to the request of Governor of the Central Bank of Sri Lanka (CBSL), Dr. P. Nandalal Weerasinghe, IGP C. D. Wickramaratne has directed the deployment of a special team, under the Illegal Assets and Property Investigation Unit, to conduct investigations into individuals trading in foreign exchange through informal means such as Undiyal and the Hawala method.
CBSL believes that the main cause of the current economic crisis is a lack of foreign exchange and that transferring money outside of the legal banking system via methods such as Hawala and Undiyal has exacerbated the problem.
Furthermore, it has been observed that migrant workers who conduct foreign currency transactions outside of the banking system through informal means for the importation of essential and non-essential goods have exacerbated the crisis.
Accordingly, Police have requested the people not to receive and send any foreign remittances through informal means in the future. The Police will also coordinate with CBSL officials to conduct further investigations in the future.
BY Sahan Tennekoon