Sri Lankan government to amend existing laws to avoid money laundering and funding of terrorism
The government of Sri Lanka has reportedly decided to agree to a proposal that would result in the amendment of the Companies Act no 7 of 2007, which is aimed at avoiding money laundering and the funding of terrorism.
The Cabinet of Ministers has last week approved a Cabinet paper presented by the acting Minister of Industries and Commerce, Champika Premadasa.
The government has reportedly said that it had identified the necessity of rapid legal amendments to avoid Money Laundering and Funding of Terrorism.
“Therefore it has been decided to make necessary amendments to the Companies act No.7 of 2007 to collect the details on shareholders who have more than 25% of company ownership of a company (excluding Limited Public Companies) or beneficiaries those who have active control of such company.”
OSL take:
The decision by the Sri Lankan government to amend financial legislation to prevent money laundering and the funding of terrorism would further strengthen the financial laws in the country. Therefore, Sri Lanka would be the ideal venue to ensure security of the monies invested by foreign businesses/investors in the country.
| Article Code : | VBS/AT/20180326/Z_6 |