The Hon. Susantha Kumara Nawarathna

¶ 01 Madam Presiding Member, regarding the Bill to amend the Companies Act, No. 07 of 2007, presented today by the Minister of Trade, Commerce, Food Security and Cooperative Development, we have heard special discussions since noon.

¶ 02 Notably, the Financial Action Task Force (FATF), the main global body that sets policy on anti-money laundering and countering the financing of terrorism (AML/CFT), has presented 40 Recommendations. Of those 40, Sri Lanka has agreed to and is implementing 39. The purpose and expectation of this Bill is clear to us.

¶ 03 Not only in our country but across the world many companies and entities have mushroomed—formed by individuals or small groups—some as cooperatives, some as organizations, and some as institutions. Over time, certain provisions of our law were exploited to launder black money and to finance terrorism. Therefore, as a government, we have a responsibility to correct historical wrongs. This Bill is brought to Parliament to make those corrections. When we move to implement the law correctly, some will be inconvenienced and come under pressure.

¶ 04 We must identify, from the village level upwards, the real persons behind companies and institutions established in our country, and consolidate that information. Why? Some companies are nominally established by two or three people and then engage in various forms of investment and financial flows. We have seen in the past that people had to protest in front of these institutions and go to court because their money vanished. Therefore, responsible institutions should be held to account, and we need to surface accurate information from the grassroots about these entities. There are discussions underway on this Bill.

¶ 05 However, our regret is that once this is enacted and inquiries begin, information will surface about some companies, including those registered under the names of former public figures—their spouses, children, even household staff or pets listed—showing how the public’s money was stolen and defrauded.

¶ 06 I must also raise a point. Earlier, Hon. G. G. Ponnambalam disparaged our youth movement in this House. Today, 23rd July, is a day we remember sorrowful experiences—such as the burning of the Jaffna Library—which some of those who sat on these government benches must answer for.

¶ 07 In such a context, the National People’s Power (NPP), together with our youth movement and our Tamil brothers and sisters, have taken solidarity to the North to build national reconciliation among Sinhala, Tamil and Muslim people across the country. Some Members cannot bear this—having long divided people to cling to power. When we join with our Tamil brothers in the North and East, certain Members reject it. That is a great misfortune.

¶ 08 A Member said earlier that even if one has tons of gold it is of no use if you cannot walk on the roads. Those who built a country where you cannot walk the streets now shamelessly say the same. When this Bill is enacted and enforced, those rulers who amassed tons of gold through theft and fraud will have red eyes.

¶ 09 Day by day, the courts deliver historic rulings. As Hon. Anushka Thilakaratne said, today too a historic judgment was delivered—affirming that the then President Ranil Wickremesinghe’s unlawful assaults on the 2022 Aragalaya protestors were wrong. Our NPP government is day by day passing laws and steering the country on the right course towards development. In the past six months, foreign investment has grown by 101% and domestic investment by 13%. With this Bill too, strengthening the economy further, I conclude.

¶ 10 Thank you.