The Central Bank of Sri Lanka and the Ministry of Finance are working together to strengthen financial systems and prevent a repeat of the alleged fraudulent transfer of USD 2.5 million belonging to the Finance Ministry, CBSL Governor Nandalal Weerasinghe said.
Speaking at a media briefing held at the Central Bank today, Dr. Weerasinghe stated that both institutions are currently reviewing existing procedures and introducing additional safeguards to avoid similar incidents in the future.
Responding to questions from journalists, the Governor clarified that the Central Bank, as the banker to the government, is not directly responsible for altering or independently verifying payment instructions issued by account holders.
He explained that once account details and payment instructions are properly authenticated, the bank’s responsibility is limited to processing the transaction.
Dr. Weerasinghe compared the process to a standard bank transfer, stating that banks verify account details before processing payments but do not have the authority to alter customer instructions.
He further noted that confirmation of receipt following a transfer is generally handled by the receiving institution and added that statements related to the disputed transaction would have been received by the relevant institution in Australia.
