Chairman of the Parliamentary Committee on Public Finance (COPF) MP Harsha de Silva says the Undial and Hawala money transferring systems are not illegal in Sri Lanka.
Addressing the Parliament today, he said, however, the systems are not being regulated in any way in Sri Lanka, as well.
He further said that as such, it has been proposed for those engaging in international transactions through these systems to register within 12 months, from June 2024 to May 2025.
MP Harsha de Silva also revealed that COPF had requested the Central Bank of Sri Lanka to conduct a thorough inquiry into the matter and submit a report.
He added that the proposal related to the Undial and Hawala systems has been approved and presented to the Parliament. (Newswire)