China’s Colombo Port City: Won’t prevent U.S. companies from investing, U.S. Ambassador says

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U.S. Ambassador Alaina B. Teplitz said today United States would not prevent its companies from investing in the Colombo Port City. However, she was still concerned about the new Act governing its businesses because of loopholes for corrupt practices and money laundering.

Making her remarks during an online roundtable discussion with a select group of journalists, she said she expressed concerns about this piece of legislation earlier, and she continued to remain so because there appeared to be openings for money laundering. The ambassador said the U.S. companies would vary about it because they wanted to keep their balance sheets clean in conformity with international norms and her country’s Foreign Corrupt Practices Act which prohibits U.S. citizens from paying bribes, Daily Mirror reported. 

“We are not preventing the U.S. companies from investing. But, we have been raising concerns about the legal environment,” she said.

However, the ambassador said the port city laws were yet incomplete because the imposition of new regulations under it was yet to be completed, and she was awaiting more details in this regard. She emphasized the priority was to encourage investments and economic engagement with Sri Lanka.

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