Focus/Spotlight

Sunny Side Up: Port City still an issue for the US?

The US continues to express concern about some aspects of the Colombo Port City legislation that was passed in Parliament. 

US Ambassador to Sri Lanka Alaina B. Teplitz had stated that there appeared to be openings for corrupt influences and the potential for illicit financing, money laundering, and/or other activities by nefarious actors who want to take advantage of what they perceive to be a permissive environment for illegal activity.

The US Envoy had expressed these views during an interview with the Centre for Strategic Studies.

“US companies are going to be wary of that. US companies considering investing in Sri Lanka want predictability and a clear understanding of the investment environment. They’re going to need to know that if they’re investing, they’re not going to be confronted with risks that could present problems for them, either from regulatory bodies, their own shareholders, or their boards of directors. Under the Foreign Corrupt Practices Act (FCPA), it is unlawful for a US company or individual to offer, pay, or promise to pay money or anything of value to any foreign official for the purpose of obtaining or retaining business,” she had said.

According to Teplitz, a US company considering investing in Sri Lanka must be confident that they’re not going to be exposed to, or collaborating with, entities that could have economic measures levied against them by the US Treasury or Commerce Department.