Business
Sri Lanka’s financial watchdog sniffs out dirty money, but luxury car splurges slip through the net
In the shadowy war against financial crime, Sri Lanka’s Financial Intelligence Unit (FIU) serves as the nation’s central nervous system, tirelessly tracking the illicit flows of money laundering and terror financing.
At a recent event, Dr. Subhani Keerthiratne, the Unit’s Director, pulled back the curtain on this critical operation, revealing both hard-won gains and a glaring, multi-million-rupee vulnerability: the unchecked splurge on high-end luxury vehicles.
Housed within the Central Bank of Sri Lanka, the FIU bears a formidable mandate to scrub the financial system clean by combating money laundering, terrorist financing, and proliferation financing. Dr. Keerthiratne, a seasoned lawyer and senior official, articulated this mission with commendable clarity.
“We observe and act to ensure criminals cannot make use of our financial system,” she stated. “When we remove the monetary element from these nefarious transactions, we strip criminals of their purpose.”
The FIU’s methodology, as explained to the press, is a meticulous blend of forensic analysis and strategic enforcement. It operates as a central clearinghouse for Suspicious Transaction Reports (STRs), which flow in from a web of regulated entities – from banks and finance companies to real estate agents and gem and jewellery dealers. The Unit sifts through this digital mountain of data, distills it into actionable intelligence, and then passes on to the law enforcement agencies. This painstaking work is now yielding tangible results.
Dr. Keerthiratne disclosed that the FIU’s efforts have directly contributed to at least 13 convictions for financial crimes. With 10 cases concluded, one acquittal, and a further 16 cases slated for High Court hearings, the wheels of justice are turning.
“While these outcomes may not be sufficient, they signify significant progress,” she noted, underscoring the determined push to bolster the country’s AML framework ahead of Sri Lanka’s critical third FATF (Financial Action Task Force) Mutual Evaluation next year.
Yet, amidst these gains, a significant chink in the armour was exposed. While a routine bank transfer exceeding one million rupees is automatically flagged, the spectacle of an individual purchasing a Rs. 75 million BYD or other luxury marque with spot cash often slips beneath the radar.
When The Island asked her about this regulatory blind spot, Dr. Keerthiratne replied. “The vehicle sales sector is not a designated category for reporting in Sri Lanka, as is the case in many other jurisdictions,” she explained. “Car dealers are not obligated to report their transactions to the FIU,” she stated.
This loophole is particularly jarring as Sri Lanka has reopened the floodgates to car imports, with companies now bringing in the world’s most exclusive models. The public display of exorbitant wealth on luxury assets – a classic vehicle for laundering illicit funds – is not automatically captured by the FIU’s surveillance net.
However, there exists, theoretically, a safety net. Dr. Keerthiratne pointed to an ‘umbrella clause’ in the Prevention of Money Laundering Act, which imposes a legal obligation on any person in a business, trade, or profession including car dealers to report a transaction they suspect is linked to crime.
Clearly, this provision places the burden of vigilance on the individual dealer, transforming them into an ad-hoc whistleblower. It is a subjective and precarious mechanism in comparison to the mandatory, systematic reporting that binds the formal banking sector.
For now, the flash of a luxury car on the streets of Colombo remains a potent symbol of a system still imperfect, and a stark reminder that the next critical step may be to ensure that showrooms, and not just banks, are compelled to answer the call of duty.
By Sanath Nanayakkare
Business
APHNH aims to make Sri Lanka more competitive for healthcare investment
Sri Lanka private healthcare leaders recently pledged an action plan with timelines to address the practical priorities of Sri Lanka’s healthcare sector while making it more viable for local and foreign investments.
The Association of Private Hospitals and Nursing Homes (APHNH) has committed to converting recommendations from its first Healthcare Leadership Summit into a trackable outcome document with defined actions, responsibilities, and timelines, marking a shift from discussion to implementation in sector reform efforts.
The summit held on March 9 at Waters Edge, Colombo, brought together hospital leaders, policymakers, regulators, insurers, and international experts to address practical priorities for Sri Lanka’s healthcare sector.
A key outcome of the summit was APHNH’s plan to consolidate recommendations into a single, trackable charter that will outline specific actions, assign responsibilities, establish timelines, and provide periodic progress updates.
“Our objective is to bring the right decision-makers into one room and focus on what can be implemented, not only what can be discussed, ” said Raveen Wickremesinghe, President of APHNH. “We are committed to taking the inputs from today and converting them into a clear, trackable set of actions that strengthens quality, transparency and public confidence, while supporting national health priorities. “
The summit featured insights from Dr. Hafeez Rahman Padiyath, Dr. Hamdani Anver, and Chandana L. Aluthgama on scaling quality and operational discipline. A keynote and fireside discussion with Dr. Paiboon Eksangsri, President of the Private Hospital Association of Thailand, explored lessons from Thailand’s private healthcare development and conditions for making Sri Lanka more competitive for healthcare investment.
By Sanath Nanayakkare
Business
Atlas SipSavi Naththal Poronduwa records positive public participation, benefiting 10,000 students
Atlas, Sri Lanka’s No. 1 learning brand, successfully concluded Atlas SipSavi Naththal Poronduwa, a national initiative that saw strong public participation in supporting children at risk of dropping out of school due to financial hardship. At a time when more than 22,000 Sri Lankan children leave school each year due to rising economic challenges, the initiative reinforced Atlas Sipsavi’s long-standing ‘No Child Left Behind’ promise by turning seasonal generosity into meaningful educational support.
The initiative reached 10,000 students, with beneficiary schools carefully selected to ensure support reached those most in need. The collected books were distributed to children at risk of dropping out, including those whose education had been disrupted by recent adverse weather, ensuring students had essential learning resources at the start of the new school term. Through its flagship Atlas SipSavi programme, the brand focused on improving access to education by providing essential learning tools, scholarships, and infrastructure to create better learning environments, bringing its purpose of ‘making learning fun’ to life in a meaningful way. As part of the initiative, the public was invited to donate schoolbooks, with each contribution matched one-for-one by Atlas. Donation boxes were placed at all Keells outlets island-wide and at Sarvodaya District Offices, making it easy for communities to take part.
Business
John Keells Logistics expands strategic engagement with CWIT through inter-terminal transport operations
John Keells Logistics (Pvt) Ltd (JKLL), one of Sri Lanka’s leading third-party logistics solutions providers, has successfully expanded its operational engagement with Colombo West International Terminal (Private) Limited (CWIT), through inter-terminal transport services within the Port of Colombo. This enhanced engagement further strengthens CWIT’s efforts to improve operational efficiency, reliability, and scalability across terminal activities.
Inter-terminal transport plays a critical role in modern port operations, requiring high levels of coordination, precision, and operational discipline. JKLL’s appointment for ITT operations reflects CWIT’s confidence in the company’s demonstrated capabilities in managing complex transport operations within a high-throughput port environment.
The ITT operations are underpinned by JKLL’s technology-enabled logistics framework, incorporating real-time fleet tracking, performance monitoring systems, and data-driven operational planning. These capabilities provide enhanced visibility and control over transport movements, while ensuring compliance with established safety, productivity, and service quality standards.
The awarding of this engagement to JKLL is a testament to the successful implementation of the Inter-Terminal Vehicle (ITV) operations undertaken by John Keells Logistics at CWIT during the previous year. The ITV assignment was executed through structured operating procedures and disciplined service delivery, contributing to improved cargo movement, operational coordination, and service continuity within the terminal. The performance outcomes of the ITV operations provided the basis for the subsequent expansion of the partnership into ITT services.
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