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Companies Face Rs. 1 Million Fine and 10-Year Jail Term for Failure to Submit Beneficial Ownership Details
The Department of the Registrar of Companies has issued a final warning to companies that have failed to submit their Beneficial Ownership information, cautioning that continued non-compliance could lead to legal action, including fines of up to Rs. 1 million and imprisonment for up to 10 years.
In a notice issued on October 28, the Registrar General of Companies said the extended deadline of October 21, 2026, had expired and called on all companies that had yet to fulfil the requirement to submit their outstanding information immediately.
The original submission deadline of September 30, 2026, had previously been extended to October 21.
According to the notice, failure to comply with the statutory requirements relating to Beneficial Ownership constitutes an offence under the Companies Act, No. 7 of 2007, as amended by the Companies (Amendment) Act, No. 12 of 2025.
The department warned that companies continuing to disregard the requirement could face legal proceedings and penalties prescribed under the law. These include a fine of up to Rs. 1 million, imprisonment for a period not exceeding 10 years, or both, where applicable.
Beneficial Ownership information identifies the individuals who ultimately own or exercise control over a company, helping strengthen corporate transparency and accountability.
The Registrar General has urged all affected companies to submit their outstanding details and regularise their records without further delay through the department's Beneficial Ownership System.
The notice reiterated that immediate compliance with the legal requirements is mandatory.
Sri Lanka’s Tourism Earnings Drop 9.2% to US$ 2.25 Billion in First Nine Months of 2026
Sri Lanka’s tourism earnings declined by 9.2% during the first nine months of 2026, despite attracting nearly 1.7 million international visitors, according to the Central Bank of Sri Lanka (CBSL).
The Central Bank’s latest External Sector Performance report showed that tourism revenue amounted to US$ 2.25 billion between January and September 2026, down from US$ 2.47 billion recorded during the corresponding period last year.
Tourist arrivals also recorded a decline of 1.8% during the nine-month period, with the country welcoming 1,693,679 visitors. However, the contraction in tourism earnings was significantly greater than the reduction in arrivals.
In September 2026, Sri Lanka received 158,557 tourists, representing a marginal decrease of 0.3% compared to the same month in 2025.
Despite the slight decline in visitor numbers, tourism earnings for September increased by 1.5% to US$ 186 million, compared to US$ 183 million recorded in September last year.
Meanwhile, expenditure by Sri Lankans travelling overseas increased substantially during the first nine months of the year.
According to the Central Bank, foreign travel expenditure surged by 62.4% to US$ 937.2 million during January–September 2026, compared to US$ 577 million in the corresponding period of 2025.
In September alone, overseas travel spending rose by 64.9% to US$ 122 million.
The Central Bank noted that increased payments for foreign travel and air transportation contributed to the contraction in the country's services account surplus.
Consequently, the cumulative services account surplus declined by 22.3% to US$ 2.21 billion during the first nine months of 2026.
The latest tourism earnings estimates are based on a revised methodology introduced by the Sri Lanka Tourism Development Authority (SLTDA) in May 2026. The revised approach takes into account country-specific tourist arrivals, average daily expenditure and the average length of visitors' stays.
PM Harini Launches AgriConnect Plan to Modernise Sri Lanka’s Agriculture Sector
Prime Minister Dr. Harini Amarasuriya today participated in the launch of the Sri Lanka AgriConnect Joint Implementation Plan in Colombo, an initiative aimed at modernising the country's agricultural sector through digital technology and strengthening its contribution to the national economy.
AgriConnect is a World Bank Group initiative being implemented through a partnership involving the Government of Sri Lanka, the World Bank Group and the International Fund for Agricultural Development (IFAD). The programme seeks to transform smallholder farming, generate employment opportunities and contribute to global food security.
The Sri Lanka AgriConnect Joint Implementation Plan was officially unveiled at the event, which was attended by Minister of Agriculture, Livestock, Land and Irrigation K.D. Lalkantha, alongside representatives of the World Bank Group and IFAD.
Addressing the gathering, Prime Minister Amarasuriya said the future of Sri Lanka's agricultural sector was closely connected to the country's overall economic prospects. She stressed that supporting farmers, strengthening food systems and creating more opportunities in rural communities were essential to building economic resilience and achieving sustainable development.
She described AgriConnect Sri Lanka as an important milestone in transforming the country's agrifood sector into a more productive, resilient and competitive contributor to economic growth.
The Prime Minister also highlighted the importance of bringing together the Government, development partners, the private sector and farming communities to achieve these objectives.
Referring to the Government's Public Investment Programme for 2027–2031, she revealed that approximately Rs. 17.5 trillion had been allocated for public investment over the five-year period, including around Rs. 8.3 trillion to support the country's transition towards a production-based economy.
She explained that these investments would focus on strengthening agriculture, industry, tourism, innovation and digital transformation, while developing the infrastructure needed to improve productivity, attract investment and create quality employment opportunities nationwide.
The Prime Minister further emphasised that embracing technology, innovation and strategic partnerships in agriculture was essential to building a stronger farming sector and securing sustainable economic growth for Sri Lanka, according to the Prime Minister's Office.
Oil Prices Surge Over 2% to Highest Level Since April Amid Strait of Hormuz Attack
Global oil prices climbed more than 2% on Friday, reaching their highest levels since the end of April, as concerns mounted over a possible escalation of the Iran conflict following the US midterm elections. An attack on a tanker in the strategically important Strait of Hormuz further heightened fears over potential disruptions to global oil supplies.
Brent crude futures for December delivery, which expired on Friday, settled $2.76 higher, gaining 2.4% to reach $117.64 a barrel after touching an intraday high of $118. The more actively traded January Brent contract also advanced by $2.63 to settle at $113.43.
Meanwhile, US West Texas Intermediate (WTI) crude futures increased by $2.12, or 2.08%, to close at $104.12 a barrel.
For the month, Brent crude recorded a gain of 13.6%, while WTI advanced by 15.2%.
Dennis Kissler, Senior Vice President of Trading at BOK Financial, said market participants would continue closely monitoring oil shipments from the Middle East and the possibility of military escalation involving US and allied forces.
Fresh concerns emerged after a tanker in the Strait of Hormuz was struck by explosive devices attached by a small boat on Friday, according to the United Kingdom Maritime Trade Operations (UKMTO), the British maritime security agency.
The identity of those responsible for the incident had not been established at the time of reporting.
The Strait of Hormuz is a critical international shipping route through which substantial volumes of crude oil and fuel supplies from Gulf countries are transported to global markets.
Maritime sources said the incident marked the first known successful attack using limpet mines in the waterway since the US-Israeli conflict with Iran began in February. Such explosives are attached to a vessel's hull, typically by individuals operating from a small boat.
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