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  • Strategies to combat Money Laundering in Sri Lankan sports

    Strategies to combat Money Laundering in Sri Lankan sports

    Sri Lanka’s sports sector, with its growing global appeal and lucrative investments, is increasingly vulnerable to the threat of money laundering (ML). From cricket’s international spotlight to emerging interest in football and basketball, Sri Lanka’s sports landscape offers vast opportunities for illicit financial activities.

    As international regulatory bodies tighten their scrutiny on ML risks in sports, Sri Lanka must take proactive steps to fortify its defences and safeguard the integrity of its sports industry.

    ML in sports is not a new phenomenon. The complex financial transactions that occur from sponsorship deals and player transfers to illegal betting operations can easily be manipulated by criminal syndicates to disguise the origins of illicit funds. As Sri Lanka continues to build its reputation as a regional sporting hub, the country must enhance its control mechanisms and ensure that financial criminals do not exploit its sporting events and institutions.

    1. Strengthening Legal Frameworks and Regulations

    One of the first steps Sri Lanka can take is further to strengthen its anti-money laundering (AML) laws as they relate to sports. While Sri Lanka has made progress with measures such as the Financial Intelligence Unit (FIU) and the Sports Ministry’s oversight committee, there is still room for improvement in addressing sports-specific risks. The country could introduce specialized regulations tailored to the unique financial flows in sports, such as regulating sponsorship contracts, player transfers and even charitable donations linked to sports events.

    Additionally, Sri Lanka should consider enacting stricter penalties for individuals and organizations found to be complicit in facilitating money laundering through sports. This could serve as a deterrent for those looking to exploit the system and would send a clear message that financial crimes in the sports sector will not be tolerated.

    2. Enhanced Financial Transparency in Sports

    A key challenge in controlling ML in sports is the lack of transparency in financial transactions. To combat this, Sri Lanka could impose more stringent transparency requirements on its sports organizations.

    By mandating public disclosure of all major sponsorship deals, player transfers, and financial arrangements over a certain threshold, the government can ensure that money trails are easier to trace.

    For example, Sri Lanka could introduce a system similar to that of European football clubs, where every major financial deal, such as player sales, sponsorships, or media rights agreements, is subject to thorough vetting by financial regulatory bodies. This would reduce the opportunity for criminals to funnel illicit money through inflated contracts and transactions.

    3. Improved Monitoring of Betting and Gambling Activities

    Illegal betting is one of the primary ways in which money laundering occurs in sports, especially in cricket and football. As part of its effort to control money laundering, Sri Lanka should strengthen its regulation of both legal and illegal gambling activities associated with sports. The government can work to close loopholes in the betting industry by enforcing stricter controls on online and offshore betting sites, which often facilitate ML.

    Establishing partnerships with global organizations such as the International Cricket Council (ICC) and the International Football Federation (FIFA) would help Sri Lanka better monitor betting patterns and identify suspicious activity in real-time. By expanding the scope of its regulatory framework, Sri Lanka can ensure that betting and gambling activities remain free from criminal exploitation.

    4. Collaboration with International Financial Institutions and Law Enforcement

    ML in sports often involves international networks, with illicit money moving across borders. To effectively tackle this problem, Sri Lanka must strengthen its cooperation with global financial institutions and law enforcement agencies. By sharing information and collaborating with international bodies like the Financial Action Task Force (FATF) and Interpol, Sri Lanka can improve its ability to track cross-border financial crimes linked to sports.

    Sri Lanka should also consider implementing joint task forces with neighbouring countries to monitor ML activities within regional sports. This cross-border cooperation would help detect illegal money flows that could otherwise go unnoticed.

    5. Investing in Education and Training for Stakeholders

    Education is another critical area in the fight against money laundering in sports. Athletes, coaches, sports agents, club owners and officials must be aware of the risks posed by illicit financial activities and understand the legal and financial frameworks that govern sports transactions.

    Sri Lanka should invest in widespread educational programs that train key stakeholders to spot red flags and understand the consequences of money laundering.

    6. Use of Technology and Data Analytics

    The use of technology and data analytics has become essential in detecting and preventing financial crime.

    Sri Lanka should leverage advanced technologies to monitor financial transactions in real-time, flagging any unusual activity for further investigation. By adopting sophisticated systems that can trace money trails and track suspicious financial movements, the country can improve its ability to prevent money laundering in sports before it occurs.

    7. Encouraging Whistleblower Protection and Reporting

    Finally, creating an environment where whistleblowers feel safe to report suspicious activities is vital in the fight against ML. Sri Lanka should establish a clear, confidential reporting mechanism for anyone within the sports sector who suspects illicit financial activity. This could include a dedicated hotline or online platform where individuals can anonymously report concerns.

    Furthermore, providing legal protections for whistleblowers would ensure that individuals who expose illegal activities are shielded from retaliation, encouraging more people to come forward and report financial misconduct.

    Conclusion

    As Sri Lanka’s sports industry continues to grow, the country must be proactive in addressing the risks posed by ML. Through stronger legal frameworks, enhanced transparency, international cooperation and the use of advanced technologies, Sri Lanka can mitigate the risks of financial crime in sports and safeguard the integrity of its sports sector. With these measures in place, Sri Lanka can ensure that its sporting achievements are built on a foundation of trust, fairness and accountability.

    NB: The writer is Master of Anti-Money Laundering and Counter-Terrorism Financing – Charles Sturt University Australia. Master of Fraud & Financial Crimes – Charles Sturt University Australia and Telecommunication fraud investigator



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  • Enjoy Kiwi In This Exciting Sri Lankan Kiwi Curry – Recipe Video Inside

    Enjoy Kiwi In This Exciting Sri Lankan Kiwi Curry – Recipe Video Inside

    Sri Lankan cuisine is renowned for its vibrant flavours, bold spices, and innovative use of local ingredients. One such dish that showcases the unique culinary traditions of Sri Lanka is the Kiwi Curry. This tantalizing curry combines the sweetness and tanginess of kiwi fruit with the aromatic spices and creamy coconut milk that characterize Sri Lankan cuisine. The Kiwi Curry is a delightful fusion of traditional Sri Lankan flavours with a modern twist. The kiwi fruit adds a refreshing sweetness and acidity to the dish, while the aromatic spices and creamy coconut milk provide a rich and satisfying base. 

    Can Kiwi fruit be cooked?

    Yes, kiwi fruit can be cooked! While it’s often enjoyed raw for its refreshing taste and nutritional value, cooking kiwi fruit can add a unique twist to various dishes. Remember, it’s better to have it in the raw form as cooking may make it lose some nutrients but there is no harm in turning it into delicious dishes like curries.  This recipe for kiwi curry was shared by Chef Minoli De Silva on her Instagram page. 

    Also Read: Sri Lankan Chicken Curry: A Flavourful Chicken Recipe You Must Try

    Kiwi Recipe I How To Make Kiwi Curry:

    1. Heat the coconut oil in a large frying pan over medium-high heat. Add the curry leaves, mustard seeds, and cumin seeds. Cook, tossing, until the mustard seeds stop popping.
    2. Add the red onion, ginger, garlic, and pandan leaf. Toss to combine.
    3. Now, add the dry spices: chilli powder, black pepper, ground cumin, fennel powder, and coriander powder. Stir through until fragrant, about 30 seconds.
    4. Add the fresh and dried turmeric and stir through.
    5. Add the tomatoes and a good pinch of salt. Toss all together and allow to cook down for 2-3 minutes.
    6. Add half of the coconut water (or water) and stir until all are combined. Continue to simmer for 2-3 minutes.
    7. Add the kiwi fruit and toss through the curry. Add the remaining coconut water and the coconut milk. Stir to combine all together.
    8. Taste the sauce and add a little salt if you need to balance the sourness of the kiwi fruit.
    9. Serve with your favourite side and condiments.

    Watch the complete recipe video for kiwi curry here:

    Tips for the Perfect Kiwi Curry:

    • Use slightly underripe kiwi fruit for a better balance of sweetness and tartness.
    • Adjust the spices to your taste preference.
    • Serve the curry with rice, roti, or naan.
    • Garnish with fresh cilantro or chopped green onions for added flavour.

    The sweetness of the kiwi fruit complements the rich and creamy coconut milk, while the aromatic spices add depth and complexity to the dish. Do give this Kiwi curry recipe a try. 

    Also Read: Detox Juice: How To Make Cucumber Kiwi Juice For Weight Loss And Immunity
     

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    Kiwi can be turned into delicious recipes.

    Here are some ways to incorporate cooked kiwi into your culinary creations:

    • Kiwi Compote: Create a sweet and tangy compote by simmering chopped kiwi fruit with sugar, lemon juice, and a touch of water. This compote can be enjoyed on pancakes, waffles, yoghurt, or ice cream.
    • Kiwi Sauce: Cook kiwi fruit with sugar and lemon juice to create a thick and flavorful sauce that can be used to glaze desserts or as a topping for grilled meats.   
    • Kiwi Jam: Preserve the sweetness and tanginess of kiwi fruit by making jam. Combine chopped kiwi fruit with sugar, pectin, and lemon juice, and cook until thickened.   
    • Kiwi in Baked Goods: Add chopped kiwi fruit to cakes, muffins, or pies for a burst of flavour and a touch of tartness.   
       

    About Neha GroverLove for reading roused her writing instincts. Neha is guilty of having a deep-set fixation with anything caffeinated. When she is not pouring out her nest of thoughts onto the screen, you can see her reading while sipping on coffee.



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