Sri Lanka’s Finance Ministry says measures taken to eliminate money laundering and terrorist financing
Sri Lanka’s Finance and Mass Media Ministry has reportedly stated that the country has tightened its screws on money laundering and terrorist financing by amending the Companies Act.
The European Parliament recently confirmed that Sri Lanka, Tunisia and Trinidad and Tobago were on the European Commission’s blacklist of countries at risk for acts of money laundering.
According to the Finance Ministry, the amendment, which received the approval of the Cabinet of Ministers requires the companies to maintain a register which contains details of the beneficial interest in shares or warrants or similar interests held by any individual (director or shareholder), who owns 25 percent or more of the issued shares of any public limited company.
Such details should also be filed with the Companies Registrar annually.
“Accordingly, every public limited company will have to file the records of such beneficial interest in the share, warrant or any other interest, along with the personal details of the individual concerned, with the Registrar of Companies annually, along with the annual returns of the company,” the Finance Ministry statement has said.
Meanwhile, Finance State Minister Eran Wickramaratne has been quoted as saying, “These countermeasures were taken immediately as Sri Lanka was recently listed among the high-risk countries for money laundering by the Inter-governmental Financial Action Task Force (FATF) and the European Union, following which Sri Lanka made a political commitment to the FATF to address any technical deficiencies in countering the money laundering and counter financing of terrorism regime.”
OSL take:
The moves by the Sri Lankan government to ensure measures to prevent any form of money laundering and terrorism financing taking place in the country are put in place would ensure a clean financial system in Sri Lanka. Given the economic growth recorded by the country and the development agenda set by the Sri Lankan government, the country’s economy would be an ideal investment opportunity for foreign businesses/investors.
| Article Code : | VBS/AT/23042018/Z_3 |