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::

* 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.

 

ColomboPage - Recent 10 Stories ::
President and Prime Minister to meet to discuss the cabinet reshuffle
-- [6 hours ago]
China dispels 'baseless suspicion' on Chinese militarization of Sri Lanka's Hambantota Port
-- [6 hours ago]
New Appeal Court judges sworn in
-- [7 hours ago]
Two suspects in Lasantha Wickrematunge murder case denied bail
-- [7 hours ago]
Faculty of Management at Vavuniya campus of Jaffna University closed indefinitely
-- [7 hours ago]
Pakistan PM calls for greater defense cooperation with Sri Lanka
-- [9 hours ago]
Sri Lanka Telecom connected two million homes with fiber at end 2017
-- [9 hours ago]
New fuel price formula to the cabinet tomorrow
Sri Lanka nationwide inflation declines to 2.8 percent in March 2018, lowest since April 2016
Registry for government social welfare programs set up for efficient management

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.