The Hon. Roshan Akmeemana

¶ 01 Madam Presiding Member, thank you for the opportunity.

¶ 02 Let me remind the Opposition what the people expect from this government: first, to stabilize the collapsed economy and then drive sustainable growth; second, to end rampant fraud and corruption that have plagued politics, business, and society for decades, recover ill-gotten assets, and prevent those who commit such acts from holding social dominance again.

¶ 03 In April, we brought the Proceeds of Crime Act to enable confiscation where sources cannot be lawfully explained—typically indicating underworld, fraud, or illicit enrichment. That law aligns with public expectations. Today’s Bill amending the Companies Act is similar. A long-standing gap allowed proceeds of crime and contraband to be laundered into the formal economy via companies. This amendment intends to close that loophole—principally by fixing the gap in section 51—requiring disclosure of real owners and beneficial interests, making it obligatory to reveal who truly benefits.

¶ 04 Thus, this forms part of the government’s process to punish corruption and prevent its recurrence, and to stop those with illicit wealth from re-entering the mainstream.

¶ 05 Economically, let me cite indicators. In 2018, our economy was at its last peak. People expect us to regain that level and then progress. In 2022, 25% of the population fell below the poverty line. By 2027 we aim to reduce it to 12–14%, and by 2030 to eradicate extreme poverty. In the last five months, government revenue increased by 20% compared to the first five months of 2024. Worker remittances in the first five months rose by 18.9%, with around USD 3,750 million in foreign exchange inflows.