Finance Minister Ravi Karunanayake stated that an inquiry will be carried out to find out if Sri Lankans deposited fraudulently earned money in Seychelles, which is considered a tax haven. An expert group of the Ministry of Finance will leave for Seychelles to carry out investigations.

Speaking to media on Sunday, he asked as to why a Bank of Ceylon branch was opened in a country with just 46 Sri Lankans. If a branch is opened for such a small group, why cannot the bank open a branch for places with much larger population, he inquired.

Karunanayake also said that investigation will be made on who authorized the opening of the branch. He asked if authority was given by the then Finance Minister or central Bank Governor.

United National Party, while in opposition, frequently made allegations against the then government on money laundering through the small African island state. In 2014, Sri Lanka became one of the few countries that have a High Commission in Seychelles. Mihin Lanka started direct flights to the country. However, UNP MPs such as Dr. Harsha de Silva repeatedly raised the question as to why this much of attention was paid to a small country whereas countries which did more business with Sri Lanka did not attract that level of attention.

The Seychelles branch was the first ever Bank of Ceylon branch in an African country.