Cabinet approval to collect details on shareholders with over 25% company ownership

Cabinet approval to collect details on shareholders with over 25% company ownership

March 22, 2018   12:36 am

Sri Lanka’s Cabinet has approved a proposal for the amendment of the Companies Act no 7 of 2007, in order to avoid money laundering and funding of terrorism.

The government today said that it had identified the necessity of rapid legal amendments to avoid Money Laundering and Funding of Terrorism.

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

Acting Minister of Industry and Commerce Champika Premadasa was named as the proponent of the said cabinet paper. 

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them(mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Most Viewed Video Stories