The rise of irregular transfers/loss of forex resources | Daily FT

Ft · 🇱🇰 public Sri Lanka · Aug 01, 2026 · 2009 words

Financial Crime and Governance Institutional negligence Sri Lankan Economic Stability

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What to know about Financial Crime and Governance

Tuesday Aug 04, 2026 Saturday, 1 August 2026 01:00 - - {{hitsCtrl.values.hits}} President Anura Kumara Dissanayake Digital Economy Deputy Minister Eranga Weerarathne Why are law enforcement and prosecutors inactive in the face of irregular transfers/loss of…

Claims checked 10

Techniques found 4

Topics 3

Coverage spectrum

Coverage gap: Low Left coverage

Left0%

Center83%

Right17%

6 sources compared across this story cluster. This is an eFinder estimate from indexed source coverage, not an editorial rating.

What happened

Why it matters

Will three risks crystalise and destabilise country and damage its image?

Common ground

An ancient Sinhalese poem reads “මරණ තුනක් ඇති මිනිසෙක් පැණි කෑය : A man facing 3 risks of death ate honey.” Will the regime in governance have to face the attendant socio-economic challenges and Mud on its Face due to the Inaction of Law Enforcement and…

Perspective signals

The tension in the story is sharpened by Loaded Language, Appeal to Fear, Appeal to Anger: language that can make the dispute feel more urgent, personal, or adversarial than the underlying facts alone.

Follow-up questions

What new context would change how readers understand this Financial Crime and Governance story?
What evidence would most clearly confirm or weaken the claim that The National Economic Crime Centre (NECC), in coordination with the UK Financial Intelligence Unit (UKFIU),which processes, analyses, and disseminates suspicious activity reports (SARs) and illicit finance intelligence across law enforcement and the private sector?
How does this story connect Financial Crime and Governance with Institutional negligence over the next few days?

open_in_new Read the original article: https://www.ft.lk/opinion/The-rise-of-irregular-transfers-loss-of-forex-resource…

psychologyPropaganda Techniques Detected

eFinder identified 4 propaganda techniques in this article. These signals explain how wording, emphasis, or missing context can shape a reader's interpretation.

warning

Loaded Language 90% confidence

Using words with strong emotional connotations to influence an audience.

Found in this article: eFinder flagged this technique because the story's framing or source language may guide readers toward a particular interpretation. Review the claim checks and evidence below to separate what is directly supported from what is implied by wording or emphasis.

Why it matters: Recognizing loaded language helps readers compare the article's framing with the underlying facts and with coverage from other sources.

warning

Appeal to Fear 80% confidence

Building support by instilling anxiety or panic in the audience.

Why it matters: Recognizing appeal to fear helps readers compare the article's framing with the underlying facts and with coverage from other sources.

warning

Appeal to Anger 70% confidence

Provoking outrage to bypass rational evaluation of an argument.

Why it matters: Recognizing appeal to anger helps readers compare the article's framing with the underlying facts and with coverage from other sources.

warning

Exaggeration / Hyperbole 60% confidence

Overstating facts or claims to create a stronger emotional response.

Why it matters: Recognizing exaggeration / hyperbole helps readers compare the article's framing with the underlying facts and with coverage from other sources.

fact_checkClaims Checked

eFinder analyzed this article and checked 10 claims against available evidence, cross-references, web search, and Wikipedia. Here is what the fact-checking layer found.

info Single Source 5

check_circle Corroborated 2

verified Verified By Reference 2

help Insufficient Evidence 1

info

Claim 1: “The National Economic Crime Centre (NECC), in coordination with the UK Financial Intelligence Unit (UKFIU),which processes, analyses, and disseminates suspicious activity reports (SARs) and illicit finance intelligence across law enforcement and the private sector.”

SINGLE SOURCE

The search results provided are general Wikipedia entries about the UK and do not mention the National Economic Crime Centre (NECC) or its coordination with the UKFIU.

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web search NEUTRAL — Jul 10, 2023 · Where is United Kingdom? The United Kingdom, colloquially known as the UK, occupies a significant portion of the British Isles, located off the northwestern coast of mainland Europe.
https://www.worldatlas.com/maps/united-kingdom

travel_explore

web search NEUTRAL — The UK is a constitutional monarchy and parliamentary democracy [n] with three distinct jurisdictions: England and Wales, Scotland, and Northern Ireland. Scotland, Wales and Northern Ireland have thei…
https://en.wikipedia.org/wiki/United_Kingdom

travel_explore

web search NEUTRAL — In the context of the UK, each of the four main subdivisions (England, Scotland, Wales and Northern Ireland) is referred to as a country. "Standard: ISO 3166 — Codes for the representation of names of…
https://en.wikipedia.org/wiki/Countries_of_the_United_Kingdo…

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Claim 2: “Digital Economy Deputy Minister Eranga Weerarathne”

CORROBORATED

The claim is confirmed by the official President's Office website and two independent news outlets (EconomyNext and The Island).

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web search NEUTRAL — Eranga Weerarathne : Deputy Minister of Digital Economy.Presidential Secretariat, Galle Face, Colombo 01, Sri Lanka. ps@presidentsoffice.lk.
https://www.presidentsoffice.gov.lk/deputy-ministers-officia…

travel_explore

web search NEUTRAL — Eranga Weerarathne – Deputy Minister of Digital Economy.ECONOMYNEXT – Sri Lanka’s central bank has extended the term of the administrator at the troubled Nation Lanka Finance by six months to ensure a…
https://economynext.com/sri-lanka-president-appoints-29-depu…

travel_explore

web search NEUTRAL — President Anura Kumara Dissanayake yesterday (21) appointed 29 deputy ministers, including former champion athlete Sugath Thilakaratne who was made deputy minister of sports. The list of Deputy Minist…
https://island.lk/29-deputy-ministers-appointed/

info

Claim 3: “the public are aware of the significant losses of the NDB Bank, Private Sector entities engaging in Telegraphic Transfers, without associated imports.”

SINGLE SOURCE

The claim regarding NDB Bank and telegraphic transfers without imports is reported by Daily FT, but no other independent source corroborates this specific event.

travel_explore

web search NEUTRAL — A Telegraphic Transfer, commonly known as T/T, is an electronic bank-to-bank transfer used to send money internationally. Most T/T payments are processed through the SWIFT network, allowing banks in d…
https://www.cbibank.com/wiki-en/7-30-tt/

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web search NEUTRAL — In addition, the public are aware of the significant losses of the NDB Bank, Private Sector entities engaging in Telegraphic Transfers, without associated imports.
https://www.ft.lk/columns/The-rise-of-irregular-transfers-lo…

travel_explore

web search NEUTRAL — DBS Private Bank. DBS Vickers Securities.Send your money across the world within minutes with an Outward Telegraphic Transfer (OTT). What’s more, enjoy extended cut-off time from 6.30pm to 8pm for sel…
https://www.dbs.com.sg/sme/day-to-day/payments/cross-border-…

info

Claim 4: “Risks of Sri Lanka being downgraded in the forthcoming mutual evaluation due in November 2026, on account of failure to ensure the effective adoption, implementation and enforcement of internationally accepted anti-money laundering and counter-terrorist financing standards as set out in the FATF Forty Recommendations.”

SINGLE SOURCE

The specific detail about the November 2026 mutual evaluation and the risk of downgrade is reported by Daily FT, but other search results are generic FATF/APG information and do not specifically confirm this date for Sri Lanka.

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wikipedia NEUTRAL — The Panama Papers (Spanish: Papeles de Panamá) are 11.5 million leaked documents (2.6 terabytes of data) published from April 3, 2016. The papers detail financial and attorney–client information for m…
https://en.wikipedia.org/wiki/Panama_Papers

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wikipedia NEUTRAL — Cryptocurrency is a type of digital asset that uses distributed ledger, or blockchain, technology to enable a secure transaction. Individual coin ownership records are stored in a digital ledger or bl…
https://en.wikipedia.org/wiki/Cryptocurrency

travel_explore

web search NEUTRAL — 1. Risks of Sri Lanka being downgraded in the forthcoming mutual evaluation due in November 2026, on account of failure to ensure the effective adoption, implementation and enforcement of internationa…
https://www.ft.lk/columns/The-rise-of-irregular-transfers-lo…

+ 2 more evidence sources

info

Claim 5: “It is estimated that over-invoicing of imports and under-invoicing of exports and other trade-related transfer pricing unacceptable options, which are not easily controllable, lead to annual forex losses of $1-2 billion.”

SINGLE SOURCE

The specific estimate of $1-2 billion annual loss due to over/under-invoicing is reported by Daily FT. Other sources discuss mis-invoicing generally but do not corroborate this specific annual figure.

travel_explore

web search NEUTRAL — It is estimated that over-invoicing of imports and under-invoicing of exports and other trade-related transfer pricing unacceptable options, which are not easily controllable, lead to annual forex los…
https://www.ft.lk/columns/The-rise-of-irregular-transfers-lo…

travel_explore

web search NEUTRAL — Over US$ 40 billion has been mis-invoiced out of the export and import sector between 2009 to 2018.For example, over-invoicing of an import will permit the transfer of funds outside the country.”
https://slguardian.org/sri-lanka-misleading-responses-on-ill…

travel_explore

web search NEUTRAL — The BSEC chairman said over-invoicing is too common as Bangladesh offers tax-free import of many products. “Bangladesh Bank should pay more attention in this area than banning foreign travel,” he rema…
https://www.businessinsiderbd.com/economy/news/23052/stop-tr…

verified

Claim 6: “Anti-Corruption Act, No. 9 of 2023”

VERIFIED BY REFERENCE

The search results provided for this claim are irrelevant (Microsoft Defender) or too general (Wikipedia entries on corruption). No source confirms the specific designation 'Act No. 9 of 2023'.

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wikipedia NEUTRAL — Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka, formerly known as Ceylon, is an island country in South Asia. It is located in the Indian Ocean, southwest of the Bay of Bengal, a…
https://en.wikipedia.org/wiki/Sri_Lanka

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wikipedia NEUTRAL — Corruption in Sri Lanka is considered a major problem in all levels of society, from the top echelons of political power to minor staff levels. According to Transparency International's 2025 Corrupti…
https://en.wikipedia.org/wiki/Corruption_in_Sri_Lanka

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wikipedia NEUTRAL — Anti-corruption (or anticorruption) comprises activities that oppose or inhibit corruption. Just as corruption takes many forms, anti-corruption efforts vary in scope and in strategy. A general distin…
https://en.wikipedia.org/wiki/Anti-corruption

+ 3 more evidence sources

info

Claim 7: “In addition, easily controllable to an extent, national forex losses arise from the following and may amount to about $1 billion annually: 1. Narcotics trading 2. Smuggling of gems, jewellery, gold and currency... 3. Tourism proceeds retained overseas... 4. Expatriate inward remittances... via informal Undiyal and Hawala operators 5. Unregulated Crypto currency operations”

SINGLE SOURCE

While search results discuss Undiyal, Hawala, and remittances in Sri Lanka, none of the provided evidence corroborates the specific list of five items or the $1 billion annual loss figure.

travel_explore

web search NEUTRAL — Undiyal transfers take place because the central bank is creating forex shortages and dollars are not available to people who are armed with excessive rupee created by a soft-pegged central bank. Expa…
https://economynext.com/sri-lanka-is-wrong-to-scapegoat-expa…

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web search NEUTRAL — Remittances carry vast economic implications for recipient countries at both macro and micro levels. The choice to send remittances through formal channels such as banks
https://dailydot.asia/understanding-informal-remittances-dur…

travel_explore

web search NEUTRAL — The banning of open accounts and measures to track down Hawala and Undiyal operations have helped reduce the quantum of informal remittances said Central Bank Governor Dr.
https://archives1.sundayobserver.lk/2022/07/16/business/info…

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Claim 8: “President Anura Kumara Dissanayake”

CORROBORATED

Multiple independent news sources (The Hindu, Ft) and Wikipedia confirm Anura Kumara Dissanayake as the President of Sri Lanka following the September 2024 election.

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wikipedia NEUTRAL — Anura Kumara Dissanayake (born 24 November 1968), commonly referred to by his initials AKD, is a Sri Lankan politician who has served as the tenth president of Sri Lanka since 2024. Dissanayake is the…
https://en.wikipedia.org/wiki/Anura_Kumara_Dissanayake

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wikipedia NEUTRAL — The president of Sri Lanka (Sinhala: ශ්‍රී ලංකා ජනාධිපති Śrī Laṅkā Janādhipati; Tamil: இலங்கை ஜனாதிபதி Ilaṇkai janātipati) is the head of state and head of government of the Democratic Socialist Repub…
https://en.wikipedia.org/wiki/President_of_Sri_Lanka

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wikipedia NEUTRAL — Presidential elections were held in Sri Lanka on 21 September 2024. Incumbent president Ranil Wickremesinghe ran for re-election as an independent candidate, making him the first sitting president to …
https://en.wikipedia.org/wiki/2024_Sri_Lankan_presidential_e…

+ 5 more evidence sources

help

Claim 9: “the ASYCUDA System is long past its best in technology value offer terms”

INSUFFICIENT EVIDENCE

No evidence was found after searching for the ASYCUDA system's technological value in Sri Lanka.

verified

Claim 10: “the public at large are well aware of the losses of the State from External Debt Payment, Postal and SriLankan Airlines related Cyber Crimes and the payment for an IT system not delivered.”

VERIFIED BY REFERENCE

The provided evidence for SriLankan Airlines and Postal services consists of general company information and trip reports; there is no evidence in the provided results regarding cyber crimes or payments for undelivered IT systems.

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wikipedia NEUTRAL — Sri Lankan Australians (Sinhala: ශ්‍රී ලාංකික ඕස්ට්‍රේලියානුවන්, Tamil: இலங்கை ஆஸ்திரேலியர்கள்) are people of Sri Lankan heritage living in Australia; this includes Sri Lankans by birth and by ancestr…
https://en.wikipedia.org/wiki/Sri_Lankan_Australians

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wikipedia NEUTRAL — SriLankan Airlines is the flag carrier of Sri Lanka and a member airline of the Oneworld airline alliance. It was launched in 1979 as Air Lanka following the termination of operations of the original …
https://en.wikipedia.org/wiki/SriLankan_Airlines

travel_explore

web search NEUTRAL — Join me for this business class trip report on SriLankan Airlines from Chennai, India to Colombo, Sri Lanka. We will take a look at the full experience and s...
https://www.youtube.com/watch?v=Z0xxYFkwkQI

+ 2 more evidence sources

info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.