LNP – CB to freeze bank accounts using unlawful money transfer methods
Bank accounts of those who distribute & receive money through unlawful money transfer methods will be frozen with immediate effect, Central Bank Governor Ajith Nivard Cabraal said.
The Governor also urged all migrant Sri Lankans to use only legal channels to repatriate their earnings.
Earlier, the Central Bank announced that migrant workers will be able to fetch an additional Rs. 10 for every US Dollar they convert into rupees this month. The offer is for US Dollar conversions done via the Sri Lankan banking system and other formal channels.
In the predicament we are in, this is a step in the right direction. However sad to note that the Hawala informal money transfer system was allowed for decades though it was used for various unlawful activity.