Beneficial Ownership Law enacted with TISL’s amendments
- CNL Reporter
- August 9, 2025
- News, Political
- TISL
- 0 Comments
TISL says its recommendations to Companies (Amendment) Act, No. 12 of 2025 enhance transparency and public accountability
Calls on Govt. and Registrar of Companies to ensure effective and meaningful implementation Asserts new law would enable effective detection and prevention of corruption, money laundering, and illicit financial flows; could also prevent conflicts of interest, tax evasion, potential money-laundering schemes and abuse of power
Parliament Speaker Dr. Jagath Wickramaratne on Monday endorsed the certificate on the Companies (Amendment) Bill and accordingly, the Companies (Amendment) Act, No. 12 of 2025 is now enacted.
Transparency International Sri Lanka (TISL) said in a statement that it welcomed the constructive response of the Attorney General to the concerns raised in TISL’s petition filed in the Supreme Court challenging the Bill to amend the Companies Act, No. 07 of 2007. The petition was filed in the public interest, seeking to ensure that the proposed legislative amendments uphold Constitutional rights and beneficial ownership transparency.
