2026-08-04
News Categories : News
The Hon. Speaker, Dr. Jagath Wickramaratne, today (4 August) endorsed the Prevention of Money Laundering (Amendment) Bill, the Financial Transactions Reporting (Amendment) Bill, and the Convention on the Suppression of Terrorist Financing (Amendment) Bill.
The Prevention of Money Laundering (Amendment) Bill was passed by Parliament on 9 July 2026 by a special majority, in accordance with the determination of the Supreme Court relating to Clause 14. The Financial Transactions Reporting (Amendment) Bill was passed with amendments, while the Convention on the Suppression of Terrorist Financing (Amendment) Bill was passed without amendments.
The Prevention of Money Laundering (Amendment) Bill seeks to further strengthen the existing legal framework for combating the offence of money laundering, enhance the effectiveness of financial crime investigations, and update Sri Lanka's legal regime in line with international standards.
Accordingly, the principal features of the amendments include expanding the scope of money laundering offences; enabling legal proceedings for money laundering even in the absence of a conviction for a predicate offence; strengthening provisions relating to temporary freezing orders over suspected assets and asset management mechanisms; introducing new provisions on the management and disposal of restrained property; strengthening the confiscation of criminal property; expanding investigative powers; enhancing international cooperation; and increasing penalties applicable to money laundering offences.
The Financial Transactions Reporting (Amendment) Bill further strengthens Sri Lanka's compliance with international standards relating to the prevention of money laundering, the suppression of terrorist financing, and the prevention of the financing of the proliferation of weapons of mass destruction.
The key features of the Bill include:
• Formalizing requirements relating to the risk-based approach and customer due diligence;
• Expanding the scope of obligations imposed on reporting institutions;
• Including Virtual Asset Service Providers (VASPs) within the definition of a "financial business" under the Financial Transactions Reporting Act, No. 6 of 2006, subject to the provisions of any other applicable written law;
• Introducing provisions relating to the establishment of the Financial Intelligence Unit (FIU) and strengthening its powers, functions, and responsibilities;
• Extending the duration of transaction suspension orders from seven days to fourteen working days;
• Expanding the administrative sanctions available for enforcing compliance by reporting institutions;
• Introducing provisions for the establishment of the National Committee on Anti-Money Laundering, Countering the Financing of Terrorism, and Countering the Financing of the Proliferation of Weapons of Mass Destruction;
• Strengthening the implementation of targeted financial sanctions pursuant to United Nations Security Council resolutions relating to terrorism, terrorist financing, and the financing of the proliferation of weapons of mass destruction;
• Introducing new definitions and interpretations to improve the clarity of the Act; and
correcting inconsistencies between the Sinhala and English texts of the Financial Transactions Reporting Act, No. 6 of 2006.
The Convention on the Suppression of Terrorist Financing (Amendment) Bill introduces amendments to the Convention on the Suppression of Terrorist Financing Act, No. 25 of 2005, with a view to further strengthening Sri Lanka's legal framework for combating the financing of terrorism.
The amendments will further align Sri Lanka's legal measures against terrorist financing with international standards and United Nations conventions, while also facilitating the country's preparations for its forthcoming Mutual Evaluation.
These legislative reforms will help safeguard the integrity of Sri Lanka's financial system, strengthen national security, and reaffirm Sri Lanka's commitment to fulfilling its international obligations under the Financial Action Task Force (FATF) framework.
Accordingly, the Prevention of Money Laundering (Amendment) Bill, the Financial Transactions Reporting (Amendment) Bill, and the Convention on the Suppression of Terrorist Financing (Amendment) Bill have come into force as the Prevention of Money Laundering (Amendment) Act, No. 16 of 2026, the Financial Transactions Reporting (Amendment) Act, No. 17 of 2026, and the Convention on the Suppression of Terrorist Financing (Amendment) Act, No. 18 of 2026, respectively.
2026-08-21
The Supplementary Estimate to provide Rs. 7500 million required by the Government to purchase paddy from the 2026 Yala season was approved by Parliament today (Aug. 21). The debate on the Supplementary Estimate was held from 11:30 a.m. to 12:30 p.m.The Supplementary Estimate was presented to allocate Rs. 7500 million from the funds allocated for projects/programmes of the Ministry of Agriculture, Livestock, Land and Irrigation for 2026, which are expected to remain unutilized during the year, for the purchase of paddy.
2026-08-21
A minute of silence observed in the Chamber to express condolencesParliament today (Aug. 21) expressed its condolences to the late veteran singer Dr. Nanda Malini, recalling her immense contribution to Sri Lankan music and society. Accordingly, a minute of silence was observed in the Chamber following a request by Hon. Prime Minister Harini Amarasuriya.Speaking thereafter, the Prime Minister said she was deeply saddened to hear of the passing of Dr. Nanda Malini, who was revered as the “golden voice” of Sri Lankan music and who, through her distinctive singing career spanning more than eight decades, enriched the country’s music and culture.The Prime Minister further stated that, as an admirer who had listened to Nanda Malini’s many songs and experienced different moments of life accompanied by those songs, her passing was not merely the loss of an unparalleled artistic personality in Sri Lankan music. It was also the departure of a familiar voice that had been closely connected to our lives and memories, and that had been with us through moments of both happiness and sorrow.She noted that Nanda Malini’s songs were deeply connected to the experiences of generations, and that the memories associated with her beautiful voice are felt even more strongly following her passing. The Prime Minister said that Nanda Malini’s singing career represented not only an era in Sri Lankan music, but also a living expression of the lives of the people, social movements and human emotions of the country.Going beyond singing about human emotions such as love and separation, Nanda Malini gave voice through her songs to the sorrow, fear, hopes and struggles of ordinary people, the Prime Minister recalled. That was why, when listening to her songs, people heard not merely the voice of a singer, but the voice of their own society.The Prime Minister said that, at this moment of mourning Nanda Malini’s passing, she was remembering not only an incomparable artist who had been lost to Sri Lankan music, but also a beloved voice that was connected to many memories in the lives of the people. She also noted that although the voice that had accompanied the people for decades has now fallen silent, the songs she sang would continue to live on in their memories and hearts. She expressed her deepest condolences to Nanda Malini’s two daughters and all members of her family, as well as to the people of Sri Lanka who loved her singing voice.Speaking on the occasion, Hon. Opposition Leader Sajith Premadasa stated that he personally knew Dr. Nanda Malini and described her as one of the greatest singers produced by Sri Lanka. He said she was an artist who never bowed to anyone and who always stood up for the people, possessing an exceptional sense of humanity, kindness and compassion.Hon. Speaker Dr. Jagath Wickramaratne, who also spoke on the occasion, said that he joined the sentiments expressed in the Chamber in memory of the late Dr. Nanda Malini. On behalf of the Parliament of Sri Lanka, he expressed the hope that she may attain Nibbana.
2026-08-20
The Committee on Parliamentary Business, which met today (Aug. 20) under the chairmanship of Hon. Speaker Dr. Jagath Wickramaratne, decided to take up for debate tomorrow, from 11:30 a.m. to 12:30 p.m., the Supplementary Estimate seeking approval for the allocation of Rs. 7500 million (7.5 billion) required by the Government to purchase paddy during the 2026 Yala season.The Supplementary Estimate has been presented to provide Rs. 7.5 billion from the funds allocated in 2026 for projects and programmes of the Ministry of Agriculture, Livestock, Lands and Irrigation, which are expected to remain unutilized during the current year, for the purpose of making the required payments.Thereafter, the Adjournment Motion to be presented by the Government is scheduled to be debated from 1:00 p.m. to 5:30 p.m.
2026-08-20
The Employment of Women, Young Persons and Children (Amendment) Bill was passed in Parliament today (Aug. 20). The debate on the Second Reading of the Bill was held from 11:30 a.m. to 5:30 p.m. Thereafter, the Bill was passed without a vote.The Employment of Women, Young Persons and Children (Amendment) Bill was introduced to increase the fines applicable to offences under the Employment of Women, Young Persons and Children Act No. 47 of 1956, from Rs. 10,000 to Rs. 100,000.
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