The Hon. (Mrs.) Anushka Thilakarathne, Attorney-at-Law

¶ 01 Hon. Presiding Member, today the Supreme Court delivered several significant judgments holding that fundamental rights were violated by the Emergency Regulations imposed by former President Ranil Wickremesinghe on 17 July 2022 under the Public Security Ordinance to control the Aragalaya.

¶ 02 Turning to the Companies (Amendment) Bill: legal systems must be revised to orderly advance a country socially, economically and politically. No law is perfect; laws should serve human rights, fundamental rights and progress—not criminals. We must close loopholes that have been exploited. People gave us a mandate to introduce such corrections.

¶ 03 There have been dubious foundations and trusts—especially in Nuwara Eliya and Kandy—claiming rights over forests and mountains, used as vehicles to launder money and clean black funds. Let it be clear: the NPP will not provide legal shelter for money laundering. This Bill does not contain sweeping changes; it simply aligns with global standards against money laundering and terror financing—threats to financial systems, national security, and economic stability. The IMF estimates 2–5 per cent of global GDP is laundered.

¶ 04 We propose enabling public access, upon request, to beneficial ownership information of those who control or benefit from companies. Law-abiding businesses have nothing to fear—only those starting unlawful ventures, laundering black money, or aiding terrorism will be worried. This enhances transparency and integrity.

¶ 05 On taxation, when citizens trust that rulers do not steal, compliance rises. Recent Department of Inland Revenue figures show increases in registrations: resident and non-resident companies rose from 82,437 (31.12.2023) to 100,409 (31.12.2024); sole proprietors from 539,862 to 976,498 in the same period. We promised that every rupee paid in tax will be safeguarded; trust is building. We are accountable to the people and will amend any law that benefits them.

¶ 06 Thank you.