Minister of Trade, Commerce, Food Security, and Cooperative Development, Wasantha Samarasinghe, stated in Parliament that certain individuals have taken funds from Sri Lanka and established companies in the British Virgin Islands. He assured that details regarding these individuals would be revealed in the near future.
The minister made these remarks while participating in the second reading debate of the Companies (Amendment) Bill.
He noted that although the previous Cabinet had recommended an investigation into this matter, no such inquiry has been conducted to date.
Minister Samarasinghe also stressed that under the proposed amendments, all companies registered under the Companies Act would be required to disclose their beneficial owners to the government within six months.
He explained that this legal requirement would create a mechanism to expose individuals who use companies to conceal their wealth.
Highlighting the need for these reforms, the minister said:
“There have been many reports of fraud and corruption occurring through companies registered in Sri Lanka. That is why we are bringing these amendments. There have even been instances where companies were registered under the names of drivers and domestic workers. We’ve heard about money laundering cases too.
The story of ‘Daisy Achchi’ is one such example. When people can’t explain how funds are raised, they often use someone with no real link. We are also addressing issues related to terror financing and money laundering. These amendments are intended to remove the barriers Sri Lanka faces when dealing with global financial institutions.”
The minister emphasised that these legislative changes are crucial to improving transparency and restoring confidence in Sri Lanka’s financial and corporate sectors.
