COPF MEMBER WANTS CENTRAL BANK, 13 COMMERCIAL BANKS TO BE HELD TO ACCOUNT

New Democratic Front (NDF) MP who is a member of Committee on Finance (COPF) Ravi Karunanayake in a letter addressed to the Chairman of COPF Harsha de Silva urged him to hold the Central Bank Supervision Unit and its Financial Investigation Unit answerable for what he called lethargic and oversight blindness of the institution with regard to the billion dollar illegal transfer of funds which was revealed by President Anura Kumara Dissanayake last week.

- By YOHAN PERERA

Mr Karunanayake had also requested the COPF chief to ask 13 commercial banks to justify their alleged internal control failures and address the movement of complicit bank managers.

He has asked the COPF Chief to get the Controller General of Imports and Exports and the Director General of Customs to detail as to why data silos were allowed to persist, preventing real-time verification of physical imports against outgoing banking remittances.