Govt. amends Companies Act to counter money laundering
Public companies required to maintain a register of individuals who own 25% or more Such details should also be filed with Companies Registrar annually
Sri Lanka has tightened its screws on money laundering and terrorist financing by amending the Companies Act, a Finance and Mass Media Ministry communiqué said. 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.
The amendment, which received the cabinet nod recently, 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.