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

Daily Mirror (Sri Lanka) - - LATE CITY -

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.

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