Is the Central Bank an Accessory to Money Laundering and Land Fraud? – An Open Letter to Mr. Nandalal Weerasinghe Governor of the Central Bank
Posted on October 29th, 2022
By The Legal Arm of ‘The Socialist Vanguard Party for the Restoration of a Sovereign Unitary State of Sri Lanka’
Director, Financial Intelligence Unit
Central Bank of Sri Lanka
No. 30, Janadhipathi Mawatha
Amendments to the Registration of Documents Ord 23 of 1927 is being discussed in parliament, without reference to Act 6 of 2006 to prevent fraud and money laundering.
It is necessary to amend the Ordinance to comply with Act 6 granting powers to the Registrar to reject invalid land transactions from entering the register
In Act 6 of 2006, provision has been made for ‘The Financial Intelligence Unit of Sri Lanka’ to prevent fraud and Money Laundering using land transactions. The Act has provision to check the owners names/addresses/telephone numbers/NIC and to refuse land transactions [deeds] for registration if they do not comply with Act 6
Registration of Documents Ord 23 of 1927 is an impediment to implement Act 6 of 2006. The Registrar does not have the power to reject deeds, under Section 7 of Ordinance 23 of 1927, for non-compliance.
Land transactions with forged signatures are easily registered and money is laundered as the Registrar does not have the power to reject deeds under Section 7 of Ordinance 23 of 1927.
It would make sense if an amendment to Ord 23 has reference to Act 6 giving power to the Registrar to reject invalid deeds by checking the owners’ names/addresses/telephone numbers/NIC as done in all other countries http://fiusrilanka.gov.lk/docs/Rules/2018/2053_20/2053_20_E.pdf
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