The Transparency International Sri Lanka (TISL) says it is deeply concerned of the new Finance Act passed on September 07 aiming to grant tax amnesty for individuals who voluntarily disclose their undisclosed income and assets. This will ensure that those granted the tax amnesty are easily identifiable and remain under close scrutiny of authorities to ensure future compliance. CBSL and FIU should raise awareness among the Banks and other financial institutions regarding the potential risk of ML through these investments. The Commissioner General of Inland revenue should strive to ensure that the confidentiality clause in the Act does not hinder such inter-agency co-operation. 3. International co-operation – Authorities to ensure effective international cooperation and empower authorities to track individuals suspected of having brought black money into the country.

Source: The Nation September 12, 2021 18:11 UTC