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Sri Lanka and South Korea Forge Criminal Justice Cooperation Agreement with Cabinet Endorsement
FINANCIAL CHRONICLE – The Cabinet of Ministers in Sri Lanka has given the green light to a proposal aimed at establishing a Mutual Legal Assistance agreement in criminal matters with South Korea, as announced by Minister Nalinda Jayatissa. This agreement is designed to facilitate cooperation between the two nations in areas such as evidence collection,…
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ANALYSIS – The Controversy Surrounding the Proposal to Increase Judges’ Retirement Age in Sri Lanka
FINANCIAL CHRONICLE – The administration of President Anura Kumara Dissanayake in Sri Lanka is set to increase the compulsory retirement age for judges by two years, raising it to 65 across the judicial hierarchy. The Cabinet has already endorsed this initiative, despite objections from prominent legal professionals. According to the new framework, judges of the…
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Sri Lanka’s Parliament Engages in Heated Discussions Over $2.5 Million Treasury Fraud Scandal
FINANCIAL CHRONICLE – Sri Lanka’s Parliament witnessed a vigorous debate yesterday triggered by the Committee on Public Finance (COPF) report concerning a $2.5 million cyber fraud linked to sovereign debt service payments. This discussion highlighted significant rifts between government and opposition members regarding responsibility, cybersecurity shortcomings, and administrative oversight during a critical period of public…
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Sri Lankan businesses commit to embracing commercial mediation to alleviate judicial delays.
FINANCIAL CHRONICLE – On August 4, a group of twenty prominent corporations in Sri Lanka committed to utilizing commercial mediation as their primary method for resolving disputes, amidst a significant backlog of 1.2 million cases in the judicial system. This initiative, spearheaded by the International ADR Center (IADRC) at Port City Colombo, aims to facilitate…
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Sri Lanka Set to Enact 22nd Amendment, Increasing Retirement Age for Judges
FINANCIAL CHRONICLE – The Cabinet of Ministers in Sri Lanka has given its approval to release the Twenty-Second Amendment to the Constitution Bill along with the Judicature (Amendment) Bill in the official government gazette, which proposes an increase in the retirement age for all judges by two years. Cabinet Spokesman Nalinda Jayatissa announced that the…
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Sri Lanka Establishes Regulatory Framework for Cryptocurrency, Appoints SEC as Oversight Body
Sri Lanka has officially approved a plan to appoint the Securities and Exchange Commission (SEC) as the regulatory authority for Virtual Assets and Virtual Asset Service Providers (VASPs), taking a significant step towards establishing formal oversight for cryptocurrency trading and digital asset platforms. This decision was sanctioned by the Cabinet of Ministers after a proposal…
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Sri Lanka Set to Revise Constitution and Judicature Act to Prolong Judges’ Terms in Office
Sri Lanka’s cabinet has given its approval for a proposal aimed at modifying the nation’s Constitution as well as the Judicature Act No. 2 of 1978, which pertains to the retirement age of judges. This announcement was made by Minister Nalinda Jayatissa. According to Jayatissa, there is a recognized need to raise the current statutory…
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Sri Lanka Takes Action to Address $715 Million in Advance Payment Oversight; Opposition Raises Concerns About Bureaucratic Hurdles
FINANCIAL CHRONICLE – In an effort to address unauthorized capital flight, Sri Lanka’s parliament has introduced new regulations under the Import and Export (Control) Act. This initiative follows police investigations revealing that over $715 million had left the nation through loopholes in advance payment systems, without the corresponding goods being imported. During the parliamentary session,…
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Sri Lanka to Revise Title Registration Process Following Bimsaviya’s Unmet Objectives
FINANCIAL CHRONICLE – The Cabinet of Ministers in Sri Lanka has given the green light to a proposal aimed at revising the Title Registration Act No. 21 of 1998. This decision comes in light of the national title registration initiative, known as ‘Bimsaviya,’ not achieving its proposed objectives. Minister Nalinda Jayatissa, who serves as the…
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Sri Lankan Attorneys Advocate for Limits on Judges’ Terms of Service
FINANCIAL CHRONICLE – The Bar Association of Sri Lanka (BASL) has expressed its apprehensions regarding the government’s proposal to raise the retirement age for Supreme Court judges. The association is urging the administration to prioritize addressing the ongoing vacancies in the appellate courts and to engage in dialogue with relevant stakeholders before making any constitutional…
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Sri Lanka’s Central Bank Enforces Rs.14.6 Million Fines on Major Companies for Regulatory Violations
FINANCIAL CHRONICLE – The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka has levied administrative fines totaling Rs. 14.6 million against 11 entities, including Indian Overseas Bank, due to violations of the Financial Transactions Reporting Act (FTRA). This information was released in a statement by the Central Bank. The fines were imposed…
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Sri Lanka’s NITF to Compensate Rs6 Million to Families of Deceased Jailers from Negombo Prison Uprising
Sri Lanka’s National Insurance Trust Fund (NITF) has announced that it will disburse a total of 6 million rupees in compensation to the families of eight prison officers who lost their lives during the recent riot at Negombo prison, according to officials. Representatives from the statutory body confirmed that all eight individuals were enrolled in…
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Sri Lanka’s Prisons Overwhelmed, Operating at Four Times Capacity During Government’s Drug Enforcement Initiative, Says Minister
FINANCIAL CHRONICLE — The prison system in Sri Lanka is currently experiencing significant overcrowding, largely due to the government’s Ratama Ekata anti-drug initiative, as reported by Minister Nalinda Jayatissa. The inmate count has skyrocketed to 41,000, far surpassing the official capacity of 11,000 inmates. Jayatissa informed the media that the situation has deteriorated sharply since…
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Sri Lanka’s President Investigates $1 Billion Capital Outflow Lacking Corresponding Imports Since 2023
Sri Lanka’s President Anura Kumara Dissanayake announced that an investigation is currently underway regarding the illicit transfer of approximately US$ 1 billion out of the country since the beginning of 2023, purportedly as advance payments for imports. During a parliamentary session on Thursday, June 26, the President noted that these funds were transferred using Telegraphic…
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Sri Lanka’s Cabinet Endorses Long-anticipated Animal Welfare Legislation for Legislative Review
Sri Lanka’s Legal Draftsman has developed a draft bill concerning animal welfare, following suggestions from a designated committee. The Attorney General has reviewed and approved the draft, as confirmed by Minister Nalinda Jayatissa. The cabinet has given its endorsement for the publication of this long-anticipated draft bill in the Government Gazette. Jayatissa informed the media…