The Hon. Upul Kithsiri

¶ 01 Madam Presiding Member, we bring amendments to the Companies Act, No. 7 of 2007, operative since 03 May 2007. We see the timely need to amend it. The aim is to identify the ultimate beneficial ownership of legal persons, understand who owns and reinvests money in companies, and strengthen domestic law to curb money laundering, terrorism financing, and other unlawful activity.

¶ 02 We have seen cases where the person fronting a registered project company is not the real owner. When you probe further, two different companies share the same signature on documents. These are the issues we must fix.

¶ 03 In 1978, with the open economy, the old Companies Act, No. 17 of 1982, was enacted. Over time, the need arose to reform it in 2007. Yet we did not become another Singapore as promised—due to legal gaps and investor perceptions. Though issues were discussed, no prior government brought these amendments. We do so now to assure protections and international recognition for current and prospective investors. We do not seek to become Singapore—we seek a uniquely prosperous Sri Lanka, and we will build it.

¶ 04 At the start of this administration, some claimed there was no rice or stocks. Today prices have fallen—silence on that now. Recently they shouted about salt shortages; that too evaporated.

¶ 05 They spoke about vehicles—claiming none were imported; when we did, they said they wouldn’t sell. Today the market is open; yet they are silent.

¶ 06 We know many changes are needed. Investors come seeking land; some waited 6–7 years without allocation and faced demands for money in approvals. We have freed them from such obstacles—allocating land and creating the needed environment swiftly, removing banking hurdles and providing facilitation to drive rapid development. I assure even the Opposition: we reform these laws for the country, to bring international business here. I conclude.

¶ 07 Thank you.