Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* State Minister of Finance charges opposition of creating fear psychosis among would be investors
Fri, Apr 13, 2018, 11:43 pm SL Time, ColomboPage News Desk, Sri Lanka.

Apr 13, Colombo: Sri Lanka's State Minister of Finance Eran Wickramaratne says that the opposition, not happy to see the country recording the highest foreign direct investments last year, is making statements to create fear psychosis among the would be investors in Sri Lanka to destabilize the economy.

Speaking of the recent measures taken against money laundering and terrorism financing, the State Minister of Finance Eran Wickramaratne categorically denied the claims, that the government mulls amending companies act to send the details of persons having 25 % of the shares in Public Limited Companies to the Criminal Investigations Department (CID) to inquire on money laundering acts.

It is also alleged that wider powers are to be given to CID to question Directors, shareholders of private companies.

Mr. Wickramaratne reiterated that opposition makes statements to create fear psychosis among the would be investors in Sri Lanka as a part and parcel of the sinister move to destabilize the economy when the country has achieved the highest ever Foreign Direct Investment last year.

The government recently introduced special initiatives to strengthen the effectiveness of its anti-money laundering and counter financing of terrorism regime by amending the Companies Act No 07 of 2007.

This amendment approved by the Cabinet of Ministers recently incorporates the requirement of maintaining of a register, which contains details of the beneficial interest in shares or warrants or similar interests held by any individual who owns 25 percent or more of the issued shares of any public limited company.

Accordingly, every Public Limited Company will have to file 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.

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.

 

ColomboPage - Recent 10 Stories ::
Sri Lanka Tourism Development Authority raises concern over unauthorized bikini ban notice
-- [3 hours ago]
UNDP's resettlement scheme provide livelihood assistance to vulnerable families in Northern Sri Lanka
-- [4 hours ago]
World Bank supports local authorities to redevelop the North and East
-- [4 hours ago]
DIG Nalaka de Silva interdicted
-- [5 hours ago]
Advisory Committee on Ministry of Defense meets after four years
-- [5 hours ago]
President orders to dissolve the director boards of People's Bank, Bank of Ceylon and BOI
-- [5 hours ago]
Cabinet refutes media reports on its discussions regarding infrastructure development projects
-- [6 hours ago]
Sri Lankan President calls Indian PM, assures to further strengthen ties
-- [7 hours ago]
Sri Lanka government rejects media reports of President accusing India's RAW of plotting to assassinate him
-- [7 hours ago]
Sri Lankan President dismisses media reports on alleged Indian intelligence agency's assassination plot
-- [7 hours ago]

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.