Former Sri Lanka Prime Minister Ranil Wickremesinghe is warning that the Port City Bill that would create a special Chinese economic zone on an artificial island in Colombo Port City risks being a sanctuary for “black money.”
Wickremesinghe, who also leads the United National Party, April 26 called on the government to amend the bill to prevent the new port city from becoming a haven for money laundering. The special zone built on 2.6 square kilometers (642 aces) of reclaimed land, would allow for casinos, entertainment and financial services operations in an almost sovereign zone where it would be difficult for Sri Lankan law enforcement to operate or for Parliament to rule.
The Colombo Port City special economic zone, nicknamed “Sri Lanka’s new Dubai” is being funded by $1.4 billion in Chinese investments.
In a video address Wickremesinghe asked, “Why is the Central Bank not given the full control of the Port City? Why has the Port City been removed from the parliamentary control? Why is Parliament not empowered to pass these laws?” He added, “If proper procedures are not followed, it will have to be considered as a black money center.”
Wickremesinghe continued, “This is open to the interpretation that this is for money laundering. You can’t prevent it that type of interpretation being made.”
