Ravi Karunanayake Urges Parliament's Finance Committee to Summon All Regulators Over Forex Fraud Scandal

MP Calls for Sweeping Regulatory Accountability

Former Finance Minister Ravi Karunanayake has called for all relevant regulatory bodies to be summoned before the Committee on Public Finance (CoPF) in connection with the ongoing foreign exchange fraud controversy that has gripped Sri Lanka's financial sector.

Demand for Regulatory Scrutiny

Karunanayake made the call amid growing concerns over the scale of the forex fraud and the apparent failure of oversight institutions to detect or prevent the misconduct. He stressed that all regulatory authorities connected to the matter must face the parliamentary committee and provide transparent answers to legislators and the public.

The move is seen as an effort to establish a comprehensive picture of how the fraud was allowed to occur, and to identify any lapses in the regulatory framework that may have enabled those responsible to operate unchecked.

Parliamentary Oversight Under Spotlight

The Committee on Public Finance plays a critical role in scrutinising government revenue, expenditure, and financial governance in Sri Lanka. Bringing multiple regulatory bodies before the committee simultaneously would mark a significant escalation in parliamentary efforts to address the forex fraud issue.

Karunanayake's intervention signals mounting pressure from within the legislature for a thorough and coordinated investigation into the matter, with lawmakers demanding greater accountability from the institutions tasked with safeguarding the country's financial systems.

Further developments are expected as the committee deliberates on the request and determines the scope of its inquiry into the foreign exchange fraud allegations.