The Chairman of the Committee on Public Finance (COPF), MP Harsha de Silva presented a proposal to regulate the ‘Undial' and the 'Hawala' transaction systems to the Parliament today (08).

He highlighted that while both of these money transfer systems are not illegal in Sri Lanka, they are not regulated in any way. 

Accordingly, he proposed to register those who conduct international transactions through these systems within the 12-month period from June 2024 to May 2025.

Harsha also stated that COPF requested the Central Bank of Sri Lanka (CBSL) to carry out a thorough review and submit a report on the matter, adding that the proposal was approved and submitted to Parliament.