The Central Bank of Sri Lanka (CBSL) celebrates its 70th Anniversary on 28 August 2020. The establishment of the CBSL was a proud moment in the post-independence history of Sri Lanka. The Bank, as the apex financial authority in the country, is entrusted with the mandates of maintaining...

Compliance risk is becoming one of the key risks associated with finance business. The continuous development of financial products, technological advancement, blurred boundaries of financial services and the rapidly evolving regulatory frameworks have emphasized the importance to have a robust...

Along with the evolution of the market economy a clear separation of the actors involved in a business firm, i.e. owners of the capital and those who specialize in employing the capital for production of goods and services become visible. Accordingly, the directors of a company function as the...

Recent media reports regarding the alleged involvement of some officers of Police Narcotic Bureau (PNB) in drug deals suggest that drug trafficking can be a major source of money laundering activities in Sri Lanka. It is an ill-fated situation when the Police Department, being the main law...

]Financial scams have a long history. A long time ago, even in 300 BC, Kautilya in his famous book named “Arthashastra” gave a description of frauds. His exposition on forty ways of embezzlement bears the characteristics of some of the modern day financial frauds. The integration of diverse...

The topic of this article was borrowed from the statement issued by the Business Roundtable of the USA, in 2019, emphasizing that companies must invest in their employees, protect the environment and deal fairly and ethically with their suppliers. They stated that the focus on advancing only...

Informal/illegal remittance schemes can be seen as one of the main mechanisms used for fund transfers by terrorists. International soft law-making bodies such as the Financial Action Task Force (FATF) and domestic law enforcement authorities make efforts to put frameworks in place to curb...

President Barack Obama stated the following in issuing a memorandum on the Freedom of Information Act on his first day in Office in 2009. “The presumption of disclosure also means agencies should take affirmative steps to make information public. All agencies should use modern technology to...

There had been a time when Sri Lanka was only second to Japan in Asia on just about any socio-economic indicator in Asia. It was at the time of the country’s independence. Above is a remark reiterated by Dr Indrajit Coomaraswamy, Governor, Central Bank of Sri Lanka frequently in his speeches ....

Financial inclusion has drawn heightened attention from policy making authorities worldwide as a key feature of financial development. Financial inclusion is also considered an important policy tool that can help to achieve the Sustainable Development Goals. This should also be a vital element...