Opposition MP Ravi Karunanayake has urged Parliament’s Committee on Public Finance (COPF) to launch an immediate inquiry into what he described as an alleged US$1 billion foreign exchange fraud, calling for key regulatory and financial institutions to be summoned before the committee.
In a letter addressed to the COPF Chairman on Monday, Karunanayake said the committee has a constitutional obligation to investigate the allegations without delay, stressing that any inaction would undermine its oversight responsibilities.
The MP referred to recent remarks by President Anura Kumara Dissanayake, in his capacity as Minister of Finance, who stated that Sri Lanka had allegedly lost around US$1 billion since 2024 through fraudulent telegraphic transfers and advance payments made for so-called “phantom imports” where goods were never imported into the country.
Karunanayake also highlighted recent statements by Public Security Minister Ananda Wijepala, who revealed that investigations had uncovered an alleged trade-based money laundering network involving billions of rupees transferred overseas through illicit financial transactions and shell companies.
The Opposition MP further requested that the committee examine the country’s regulatory framework for cryptocurrencies, noting that he had previously raised concerns before COPF in January 2025 regarding the risks associated with unregulated digital asset transactions.
Questioning the effectiveness of existing financial monitoring systems, Karunanayake said transactions of such magnitude should have been detected through the Central Bank’s anti-money laundering and financial surveillance mechanisms.
He called on COPF to summon the Governor and senior officials of the Central Bank of Sri Lanka, the Controller General of Imports and Exports, the Director General of Sri Lanka Customs, and the Chief Compliance Officers of the 13 commercial banks allegedly connected to the transactions.
He also requested that any other relevant state institutions or law enforcement agencies be called before the committee if necessary.
Karunanayake said the proposed inquiry should focus on identifying regulatory shortcomings, strengthening oversight mechanisms, and ensuring accountability for any institutional failures.
He concluded by urging the Committee on Public Finance to place the matter on the agenda of its next meeting and commence a comprehensive investigation at the earliest opportunity.
