Chairman of the Committee on Public Finance (COPF), MP Dr. Harsha de Silva, said that both the Undial and Hawala systems are not illegal in Sri Lanka, but remain unregulated.
Dr. de Silva made this comment while presenting several proposals in Parliament today (8). He further explained that although these systems are not considered illegal, there is no regulation governing them. As a result, the committee has proposed that individuals who conduct international transactions through these systems must register between June 2024 and May 2025.
He added that the committee had requested the Central Bank to conduct a thorough review and submit a report on the matter. Dr. de Silva confirmed that the proposal had been approved and officially submitted to Parliament.
