Port City a safe haven for money laundering

21 April 2021 12:08 am Views - 404

• The whole CPC is going to function as a separate state
• This will be a serious danger to the sovereignty of the country

By Yoshitha Perera   

Once the Colombo Port City Economic Commission Bill comes into effect, the Colombo Port City (CPC) will be a safe haven for money laundering activities, former Justice Minister Wijeyadasa Rajapakshe PC yesterday said.  

While making his oral submission to the petition filed challenging the Colombo Port City Economic Commission Bill, Dr. Rajapakshe PC said that the drafted Bill was not for the development of Sri Lanka, it was only for the development with the particular zone, which would be administrated as a separate state in the future.   

“The new legislative regime which would function as CPC, allows for tax exemption, tax-free salaries and to be an offshore financial centre. This is going to be a safe haven for money laundering activities,” he said.  Dr. Rajapakshe PC informed the Court that there will be power vested upon the companies at the CPC through the Bill to enter into different international agreements and foreigners could acquire the particular land and sell it to different entities.   

“The whole CPC is going to function as a separate state. The total land area of is 269 hectares and the whole area will have a different law.