- Sri Lanka’s National Policy and Action Plan on Anti-Money Laundering and Countering the Financing of Terrorism
Financial Intelligence Unit established as per the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 and operating as a department of the Central Bank enforces provisions to prevent money laundering, financing of terrorism and other illegal activities as defined in the Act. The Financial Action Task Force is the intergovernmental body that sets international standards to prevent money laundering and terrorist financing. The Financial Action Task Force has introduced 40 recommendations to be implemented by all countries. Accordingly, the Asia Pacific Regional Group on Money Laundering, the regional body of the Financial Action Task Force, is evaluating whether Sri Lanka is complying with the recommendations of the Financial Action Task Force. The 3rd mutual evaluation of Sri Lanka conducted by that Asia Pacific Regional Group on Money Laundering is scheduled to start from March 2025. Accordingly the Cabinet of Ministers approved the proposal presented by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National policies to implement the Anti-Money Laundering and Countering the Financing of Terrorism National Policy for 2023-2028 in order to ensure the situation in Sri Lanka and to implement action plans that include the tasks to be performed by the respective institutions as a solution to the identified weaknesses in preventing money laundering and combating the financing of terrorism.
- Providing government-owned land in Hambantota district to two investors under long-term lease basis for Brackish Water Shrimp Farming.
Shrimp farming is one of the main commercial aquaculture practices in Sri Lanka. This has resulted in a production of 14,414 metric tons in the year 2021 and it is aimed to increase the production to 50,000 metric tons by the year 2025 to earn a foreign exchange of 65500 million rupees thereby. However, the available land in the country that can be used for aquaculture is limited and this has become a challenge for the further expansion of commercial aquaculture. The National Aquaculture Development Authority of Sri Lanka has taken many steps to face this challenge. One of them is the introduction of modern technology that can achieve high productivity in a limited space. Accordingly, 218 acres and 30 perches of land belonging to the government located in Ambalantota Divisional Secretariat Area of Hambantota district has been identified as suitable for Vannamei shrimp cultivation which can complete a culture cycle in a short period of time. As such, the Cabinet of Ministers approved the combined proposal presented by the Minister of Fisheries and Minister of Tourism and Lands to provide this land to W.S.R. Lowe & K.M.N. Aqua Services (Pvt.) Ltd. and Rainbow Foods (Pvt.) Ltd, which have been selected following the government procurement process, 109 acres and 015 perches each, on a long lease basis for a period of 30 years based on the assessment of the government assessor.
- Introduction of a new Act to regulate container depot operators.
The Licensing of Shipping Agents, Freight Forwarders, Non Vessel Operating Common Carriers, And Container Operators Act No. 10 of 1972 has been amended on several occasions. According to the provisions of the Act, container depot operators are to be considered and regulated as a "service provider". Compliance with this provision has been found to adversely affect the development of container depot operators and their infrastructure in relation to modern trade, shipping and logistics service requirements. As such, the Cabinet of Ministers approved the proposal presented by the Minister of Ports Shipping and Aviation Services to introduce a new act with provisions to regulate and control the business run by container depot operators, determine rates and rates of charges, levy and collect charges and, to advice the legal draftsman to prepare a bill for this purpose.
- Amendment to Section 6 (3) (e) of the Civil Aviation Act No.14 of 2010
Cabinet approval has been granted on 27.03.2023 to amend the Civil Aviation Act, No.14 of 2010 enabling one or more persons to be appointed as service providers for providing the aeronautical services. The bill prepared accordingly by the legal draftsman has received the Attorney General’s clearance. Accordingly the Cabinet of Ministers approved the proposal presented by the Minister of Ports, Shipping and Aviation to publish this bill in the Government gazette and submit for Parliamentary approval consequently.
- Amendment of the Control of Pesticides Act No. 33 of 1980
The requirement of the amendment of the Control of Pesticides Act No. 33 of 1980 has been recognized adhering to the approaches / trends that assist the monitoring priorities that are prevailing at the global level in the pesticides industry and the investigations applicable to the swelling illegal activities. Accordingly, the Cabinet of Ministers approved the resolution furnished by the Minister of Agriculture to instruct the Legal Draftsman to prepare a draft bill that included the recovery of state finance spent for destroying the illegal pesticide in an environment - friendly manner from the offenders, activities pertaining to prevention of illegal actions performed redundantly by offenders and strengthening the penalties.
- The victories gained and the way beyond in managing the economic crisis.
The Cabinet of Ministers considered the information forwarded by the Hon. President as the Minister of Finance, Economic and National Policies in regard to the issues confronted by the country at the time the Hon. President assumed duties as the Prime Minister and the Minister of Finance in the month of May 2022, as well as the actions taken up to now in regard to the sections of state finance policy, financial policy, energy sector, overseas sector, loan restructuring and overseas funding with effect from 20.07.2022 on which duties of the office of the Presidency was inaugurated while coordinating with the new Cabinet of Ministers by solving those issues to reinforce the economic stability in the country. Furthermore, the consent of the Cabinet of Ministers was granted on the actions of reformations expected to be applied for achieving economic growth by stabilizing the economy.
- Amendment of the Employees’ Provident Fund Act No. 15 of 1958 to enable ensuring the benefit interest rate on the contribution of members of the Employees’ Provident Fund.
The Government has recognized the requirement of ensuring the payments and benefits of the Employees’ Provident Fund without any burden to the pension payments and benefits of the members of that fund due to the local treasury bonds idealizing programme. Therefore, considering the annual interest benefit percentages paid for the members of the Employees Provident Fund during the past five years period, the Cabinet of Ministers has approved the resolution submitted by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies for taking necessary measures to amend the Employees’ Provident Fund Act No. 15 of 1958 ordering that the minimum annual interest rate on the contribution within the next four (04) years from 2023 -2026 should at least be 9%.
- Releasing water for agricultural purposes from Samanalawewa reservoir.
The Minister of Electricity and Power drew the attention of the Cabinet of Ministers to the options that can be followed in regard to the resolution furnished for releasing water from the Samanalawewa reservoir as an option due to having no sufficient water for the agricultural crops of the farmers engaged in cultivation under the Udawalawa reservoir. Subsequent to holding extended discussions in regard to the said options, the Cabinet of Ministers granted approval to release the maximum possible amount of water from the remaining at the Samanalawewa reservoir for agricultural purposes and to purchase electricity from the private sector as a remedy to the issue erupted from power / electricity generation as required
