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* Sri Lanka to amend Companies Act to comply with FATF on preventing money laundering and countering terrorism financing
Thu, Mar 22, 2018, 09:51 am SL Time, ColomboPage News Desk, Sri Lanka.

Mar 22, Colombo: The Financial Action Task Force (FATF), a global money-laundering and terror financing watchdog has ranked Sri Lanka as a country deficient in strong strategies in preventing money laundering and countering the financing of terrorism.

Accordingly, in February 2018 Sri Lanka was added to the European Commission's money laundering blacklist as a country at risk for acts of money-laundering.

Taking into account the grave consequences of this action on country's economic and financial system, the government has recognized the immediate need to amend the legislation in order to prevent money laundering and countering the financing of terrorism

Therefore it has been decided to made necessary amendments to the Companies act No.7 of 2007 to collect the details on shareholders who has more than 25% of company ownership of a company (excluding Limited Public Companies) or beneficiaries those who have active control of such company.

It is also required to make measures to provide such information to the Registrar of Companies and other relevant authorities.

Accordingly, the Cabinet of ministers has approved a proposal presented by the acting Minister of Industry and commerce Champika Premadasa to make the necessary amendments to the Companies act No.7 of 2007 and to instruct the legal draftsman to draft the amendments.

 

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