The Chairman of the Committee on Public Finance, MP Dr. Harsha de Silva, addressed Parliament today (08), confirming that both the Undial and Hawala systems are not illegal in Sri Lanka. However, he noted that these systems currently lack regulation.
In his statement, Dr. Harsha explained, “While the Hawala and Undial systems are not illegal in our country, they are unregulated. As such, a proposal has been put forward to require individuals conducting international transactions through these systems to register within a 12-month period, from June 2024 to May 2025.”
He also revealed that the Committee had asked the Central Bank to conduct a thorough review and submit a detailed report on the issue. Dr. Harsha further confirmed that the proposal had been approved and officially submitted to Parliament for consideration.