Cabinet approval to amends the Companies Act order to avoid money laundering and terrorism

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.