Sri Lanka tightening financial laws, some developing countries risk being shut-out: Fin Min
ECONOMYNEXT – Sri Lanka is tightening regulations to prevent financial crime, having battled the problem during its battle with terrorism, Finance Minister Mangala Samaraweera had said, but some developing countries faced the risk of being cut-off from the global financial system.
Samaraweera was speaking at a roundtable discussion on ‘Working Together to Address De-Risking’ on the sidelines of the 2018 Commonwealth Heads of Government Meeting (CHOGM), in London.
"One such negative fall-out is “de-risking”, the scenario of global banks selectively withdrawing from the business of correspondent banking," Samaraweera said.
"This can have highly detrimental implications for banks in developing countries in particular as it can shut them out of the global financial architecture."
Sri Lanka itself was tightening financial regulations to prevent financial crime he said. (Colombo/Mar18/2018)