Opposition MP Ravi Karunanayake has called on Parliament’s Committee on Public Finance (COPF) to immediately summon key regulatory and enforcement institutions to investigate what he described as a “US$1 billion systemic foreign exchange fraud” highlighted by President Anura Kumara Dissanayake.
In a letter addressed to the Chairman of COPF on Monday, Karunanayake said the committee has a constitutional responsibility to urgently examine the allegations, warning that any delay would amount to a failure of its oversight duties.
Referring to recent statements made by the President in his capacity as Finance Minister, Karunanayake noted that Sri Lanka had allegedly suffered losses of approximately US$1 billion since 2024 through fraudulent telegraphic transfers and advance payments for so-called “phantom imports” where no goods entered the country.
He also cited disclosures by Public Security Minister Ananda Wijepala, who said investigations had uncovered an alleged trade-based money laundering network involving billions of rupees transferred overseas through illicit transactions and shell companies.
Karunanayake further urged COPF to examine the role of cryptocurrency regulation, recalling that he had previously raised concerns before the committee in January 2025 about the risks posed by unregulated digital currency operations.
The MP questioned the effectiveness of the Central Bank’s supervisory mechanisms, arguing that such a large volume of allegedly fraudulent transactions should have triggered anti-money laundering and financial surveillance systems.
He requested COPF to summon:
The Governor and senior officials of the Central Bank of Sri Lanka.
The Controller General of Imports and Exports and the Director General of Sri Lanka Customs.
The Chief Compliance Officers of the 13 commercial banks allegedly linked to the transactions.
Any additional state or enforcement agencies deemed necessary for the inquiry.
Karunanayake said the investigation should focus on identifying regulatory failures, strengthening oversight and ensuring accountability for any institutional lapses.
He concluded by urging COPF to place the matter on the agenda of its next sitting and commence a comprehensive institutional examination at the earliest opportunity. (Newswire)