Sri Lanka strengthening anti-money laundering laws; investors need not fear: Minister
ECONOMYNEXT – Sri Lanka’s Company’s Act will be amended to maintain a register of shareholders owning more than 25 percent of a company, as part of strengthening anti-money laundering laws to global standards, the finance ministry said.
The statement quoted State Minister of Finance Eran Wickremeratne said the matter is being misrepresented by some elements to create a fears among shareholders and directors that the police will be sent to question them.
The statements said rules approved by the cabinet a company will have to file personal details of shareholders who own more than 25 percent of a company a the Registrar of Companies, along with the annual returns.
Sri Lanka was taking countermeasures against money laundering and terrorism finance after the country was listed for monitoring by the Financial Actin Task Force, an inter-governmental body and European Union.
Sri Lanka has made a commitment to clear any technical deficiencies, the statement said. (Colombo/Mar12/2018)