Addressing the issue, Wijepala revealed that approximately US$85 million had recently been transferred out of Sri Lanka under the pretense of import-related payments. Authorities have identified several suspicious transactions that are currently under investigation.

In one case, a business entity allegedly transferred Rs. 12.89 billion through 953 transactions to 256 companies across 26 countries. Preliminary investigations suggest that the transfers may have been conducted under questionable circumstances.

In a separate incident, another company is accused of illegally remitting nearly Rs. 13 billion overseas using four bank accounts. Investigators claim the funds were transferred by falsely declaring payments for imported goods, including gold jewelry and iron products.

The Minister stressed the need for stronger regulatory safeguards to prevent similar financial crimes and safeguard Sri Lanka’s foreign exchange reserves. He noted that shortcomings in the have limited authorities' ability to effectively monitor and regulate foreign exchange transactions.

Minister Wijepala also stated that the removal of several provisions from the during legislative amendments in 2017 had weakened the country's framework for combating illicit financial flows.

The government is expected to review and strengthen existing laws to enhance financial transparency, improve oversight of cross-border transactions, combat money laundering, and protect Sri Lanka’s economic stability.

Officials say the proposed reforms will form part of broader efforts to reinforce financial governance and ensure greater accountability within the country's foreign exchange system.