Crackdown on money laundering

● Another man nabbed with US$50,000 in Rajagiriya ● The man, from Hatton was arrested as he failed to disclose the mode of revenue and possessing the large sum of money

● The STF said they will continue to crack down on money laundering smugglers who are using the ‘Undiyal’ system

A 36-year-old man has been arrested by the STF for possessing US$ 50,000 during a raid at Welikada in Rajagiriya.

The STF said, acting on an intelligence alert, carried out a search on the suspect’s abode at a building in Welikada on Saturday night and recovered currency in US$ to the value of US$50,000.

They said the man, from Hatton was arrested as he failed to disclose the mode of revenue and possessing the large sum of money illegally.

He was arrested on charges of Money Laundering and handed over to the Welikada Police for further investigations.

During raids last week, the STF arrested several suspects for illegally possessing US Dollars and Euros. Earlier, the STF said they will continue to crack down on money laundering smugglers who are using the ‘Undial’ system.

The Central Bank said earlier that it will lower the limit on foreign currency notes one could hold to US$10,000 from US$ 15,000 and would crack down on anyone who keeps such currency for over three months, which is a violation as per the regulations.