June 18, Colombo (LNW): The Financial Intelligence Unit (FIU) of Sri Lanka has signed a Memorandum of Understanding (MOU) with the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) for the exchange of information related to investigations and prosecutions of money laundering, bribery, corruption, and other related offences.

According to the Central Bank of Sri Lanka (CBSL), the new Anti-Corruption Act, No. 9 of 2023, authorises CIABOC to share relevant information with local law enforcement or other government authorities.

Under the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the FIU is permitted to enter into MOUs with domestic government institutions for information exchange.

This agreement with CIABOC will facilitate the sharing of information crucial for the prevention, detection, and prosecution of money laundering, bribery, corruption, and related crimes.

Since 2008, the FIU has signed 44 MOUs with foreign counterparts and 13 with domestic government agencies, including Sri Lanka Customs, Department of Immigration and Emigration, Inland Revenue Department, Department for Registration of Persons, Sri Lanka Police, and the Excise Department of Sri Lanka, to enhance the country’s AML/CFT framework.

The MOU was signed by Mr. Chethiya Goonasekera, PC, Commissioner of CIABOC, and Mr. Kanishka Wijeratne, Director General of CIABOC, along with Dr. Subhani Keerthiratne, Director of the FIU.

The signing ceremony was chaired by Dr. P. Nandalal Weerasinghe, Governor of the CBSL and Chairman of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Coordinating Committee. Mrs. K. M. A. N. Daulagala, Deputy Governor of the CBSL and member of the AML/CFT Task Force, also attended the event.

By: Staff Writer

June 18, Colombo (LNW): Within the scope of the Justice Ministry, 59 legal reforms have been passed in Parliament: 29 in 2022, 17 in 2023, and 13 so far in 2024.

 Additionally, seven more drafts are set to be adopted by Parliament soon. It is also important to note that work on 44 other crucial legal amendments is nearly complete it added.

The Secretary to the Ministry of Justice, Prison Affairs and Constitutional Reforms, Mr. M. N. Ranasinghe stated that the period from 2022 to 2024 will be historically significant for the highest number of law reforms in Sri Lanka.

He highlighted that since 2022, a total of 59 legal reforms have been passed in Parliament, with an additional 07 drafts and 44 legal amendments slated for future approval.

Mr. Ranasinghe made these remarks during a press conference titled “Two Years of Progress and Advancement” at the Presidential Media Centre yesterday (17).

He emphasized the ministry’s pivotal role in drafting laws across various ministries. He noted that the Department of Legal Draftsman prepared 273 drafts in 2022 and 299 drafts in 2023, encompassing all three languages.

Secretary to the Ministry of Justice, Prison Affairs and Constitutional Reform, Mr. M. N. Ranasinghe further said:

“The Ministry of Justice, Prison Affairs, and Constitutional Reforms has made significant progress in legal reforms over the past two years.

This period will be remembered as the time where the largest number of legal reforms were implemented.

The Ministry of Justice plays a major role in drafting laws for every ministry. Consequently, the Department of Legal Draftsman prepared 273 draft laws in 2022 and 299 in 2023, in all three languages, for other ministries.

By making the judicial system more efficient, people’s cases can be resolved quickly. This allows property related to litigation to be utilized for economic development and fosters a favourable investment environment. Clearly, there is a direct relationship between delays in the legal system and economic growth.

According to the report issued by the Sectoral Oversight Committee on Legal Affairs in 2017, it typically takes about 17 years to conclude a criminal case. Various studies indicate that it can take more than a generation to complete land, partition, and testamentary cases. We have planned the necessary activities to change this situation.

Digitization of the judicial system has been identified as a major solution. Accordingly, digitization and a large number of reforms have already been carried out in the ministry as well as in the judicial sector.

By: Staff Writer

June 18, Colombo (LNW): Global cybersecurity company Kaspersky said yesterday approximately 2,650 ransomware incidents were detected and blocked by its solutions for businesses in Sri Lanka from January to December 2023.

Experts from the global cybersecurity company insist on organisations, regardless of shape and size, to beef up their IT security posture as ransomware, especially the targeted type, continues to be a damaging menace for organisations in the region.

“The era of widespread mass attacks by encryptors on both individuals and businesses is gradually fading away. Instead, we are witnessing a shift towards organised groups that execute hacks involving data theft and encryption, commonly referred to as double extortion.

The rationale behind this evolution lies in the perpetrators’ ability to operate with greater efficiency, thereby enabling them to demand significantly higher ransom sums,” said Kaspersky Lead Malware Analyst Fedor Sinitsyn.

Last year, ransomware incidents in Sri Lanka include the compromise of 5,000 Government-related emails as well as attacks on telecom servers.

“It is evident that the threat actors behind ransomware attacks target all sectors in Sri Lanka. The total number of attempts may be low, but organisations need to realise the real impact of each successful ransomware infection, both on the financial and reputation fronts.

 It is imperative for businesses here to look into cybersecurity technologies that provide absolute anti-ransomware effectiveness in third-party exams.

Because not all cybersecurity solutions are created equal,” added Kaspersky General Manager for Southeast Asia Yeo Siang Tiong. Kaspersky Endpoint Security for Business,

Kaspersky Small Office Security and Kaspersky Standard demonstrated complete protection against ransomware in 10 different real-life attack scenarios during regular Advanced Threat Protection assessments held by AV-TEST.

To combat ransomware and assist those affected, Kaspersky, alongside Europol, the Dutch National Police, and others has the No More Ransom initiative, launched in 2016.

On the official website, participants provide decryption tools, guidelines, and instructions to report cybercrimes, irrespective of the location of the incident.

By the end of 2023, Kaspersky marked the seventh anniversary as a key contributor to the “No More Ransom” initiative. This period witnessed expanded access to Kaspersky’s free decryption tools, in line with its commitment to combating ransomware.

These tools, targeting 39 ransomware families, have been integral in assisting nearly 2 million victims globally, as reported by Europol, underscoring the profound impact of the “No More Ransom” initiative supported by Kaspersky.

To protect business from ransomware attacks, consider following the rules proposed by Kaspersky experts:

Do not expose remote desktop/management services (such as RDP, MSSQL, etc.) to public networks unless absolutely necessary and always use strong passwords, two-factor authentication and firewall rules for them.

Promptly install available patches for commercial VPN solutions providing access for remote employees and acting as gateways in your network.

Always keep software updated on all the devices you use to prevent ransomware from exploiting vulnerabilities.

Focus your defence strategy on detecting lateral movements and data exfiltration to the Internet. Pay special attention to the outgoing traffic to detect cybercriminals’ connections.

Back up data regularly with special attention to offline backup strategies. Make sure you can quickly access it in an emergency when needed.

By: Staff Writer

June 18, Colombo (LNW): All Ceylon Traditional Coconut Oil Manufacturers Association convener Buddhika De Silva attributes price hike to importers hoarding stocks anticipating higher demand during festive season.

Accuses importers of arbitrarily inflating prices; warns prices could soar to Rs. 1,000 per bottle if situation remains unchecked.

Criticises lack of regulatory action on coconut oil importers from Finance Ministry, Plantation Industry Ministry, Coconut Development Authority.

National Consumer Front Chairman Asela Sampath says price hike of over Rs. 150 per litre is unjust to households grappling with economic challenges.

Asserts Govt. must ensure fair pricing, transparency in market to protect consumer interests.

All Ceylon Traditi-onal Coconut Oil Manufacturers Association and the National Consumer Front (NCF) have voiced strong concerns over the recent surge in coconut oil prices, labelling the increase as unfair to consumers and local industries already struggling with a high cost-of-living.

Speaking to the media All Ceylon Traditional Coconut Oil Manufacturers Association Convener Buddhika De Silva attributed this increase to coconut oil importers hoarding stocks in anticipation of higher demand during the festive season.

He accused these importers of arbitrarily inflating prices and warned that prices could soar to Rs. 1,000 per bottle if the situation remains unchecked.

De Silva criticised the lack of regulatory action from key Government bodies. “To date, the Finance Ministry has not imposed taxes on coconut oil imports, the Plantation Industry Ministry has not implemented any regulations to curb this situation and the inept Coconut Development Authority remains silent,” he claimed.

He suggested that the Government could mitigate the price hike by allowing the importation of essential raw materials for local industrialists, which would counteract the unfair pricing strategies employed by oil importers.

Separately, NCF Chairman Asela Sampath highlighted that the price of a litre of coconut oil has risen by around Rs. 180 to Rs. 200, bringing the current retail price to a range of Rs. 550 to Rs. 880, depending on the quality.

“This substantial price hike of over Rs. 150 per litre is pushing consumers into deeper financial misery,” Sampath stated.

The NCF called for immediate action to address the issue, urging authorities to investigate the reasons behind the price hike and to implement measures to stabilise the cost of essential goods.

He questioned the Government whether the Customs had increased their taxes by around Rs. 150 overnight, insisting on an immediate inspection over the whereabouts of hidden stocks by traders.

“Consumers are already burdened with rising living costs and this additional increase in a staple product like coconut oil suddenly with a higher rate is unacceptable and unjust,” Sampath claimed.

June 18, Colombo (LNW): The Constitutional Council has declined the President’s proposal to extend the term of office of Attorney General Sanjay Rajaratnam, PC.

Reportedly, the President had suggested a six-month extension for the Attorney General.

According to the Lankadeepa, this proposal was rejected during a meeting of the Constitutional Council chaired by Speaker Mahinda Yapa Abeywardena in Parliament today (18).

There had been recent objections to the President’s proposal to extend the Attorney General’s term.

By: Staff Writer

June 18, Colombo (LNW): Sri Lanka is in talks with investors to set up a cannabis growing and export processing zone, Investment Promotion Minister Dilum Amunugama said.

A committee has been appointed to look in to growing cannabis for export, and a report has been completed. Authorities have tapped international experts to help devise a set of rules to govern cannabis growing and processing.

Canabis has multiple uses, including medical applications linked to the active ingredient cannabidiol.

The Government has called for project proposals from local and foreign investors interested in the cultivation and manufacturing of medicinal products from cannabis (Triloka Vijayapathra) for export purposes.

The initiative aims to tap into the global demand for medicinal and allied products derived from cannabis.

The move comes into light after the Cabinet Co-Spokesman and Minister Bandula Gunawardena on 6 February 2024 dismissing claims that a proposal had been presented to the Cabinet of Ministers on cultivating cannabis for export purposes.

The projects will fall under the joint oversight of the Board of Investment of Sri Lanka (BOI) and the Department of Ayurveda (DOA). The BOI will facilitate and implement the projects within a dedicated BOI zone, while the DOA will manage the cultivation, production, regulation and licensing processes.

As per the BOI, the project proposals will be evaluated according to the Ayurveda Act No. 31 of 1961, the Board of Investment of Sri Lanka Law No. 04 of 1978 and other applicable laws.

“Qualified applicants must make a minimum investment of $ 500,000. Upon meeting the required criteria and receiving a recommendation from the BOI, the DOA will issue the necessary licenses for the projects,” the BOI advertisement noted.

An initial license fee of $ 100,000 is required, with an annual renewal fee of $ 200 thereafter.Additionally, qualified applicants must place a security deposit of $ 2 million with the BOI prior to signing the agreement and it will be held for the duration of the license’s validity.

Prospective applicants must also pay a non-refundable application fee of $ 400 to the BOI and a project evaluation fee of $ 1,250 to the DOA. Applications must be submitted to the BOI before 20 June 2024.

Following the denial of Cabinet Co-Spokesman and Minister Gunawardena, on 7 February 2024, former State Minister of Tourism Diana Gamage confirmed that the Cabinet had already approved the export of cannabis in 2023. 

1. President Ranil Wickremesinghe assures the proposed Imputed Rental Income Tax should not cause concern, noting that it would impact only 10% of homeowners and property owners: acknowledges the importance of broadening the tax base and enhancing tax administration efficiency: affirms the government’s commitment to these objectives, signalling openness to discussions on expanding the tax net and improving tax administration practices.
   
2. Opposition Leader Sajith Premadasa says President Ranil Wickremesinghe asserted the process of new tax regime aiming the quantitative rise of the state revenue in the shortfall of state revenue and targets: urges the government to implement a transparent taxing system: proposes a more efficient and transparent taxing system by digitising it, thereby paving the way for tax evaders to be tracked and included upon.
   
3. Former Senior DIG Ravi Seneviratne says the Easter attack could have been ‘easily avoided’ if accurate intelligence had been shared with the CID: blames the State Intelligence Services and Directorate of Military Intelligence for misleading investigations: also criticises the transfer of key officers after Gotabaya Rajapaksa became president, which he believes hampered the investigation and protected high-profile individuals: Seneviratne recently pledged his political allegiance to NPP openly.
   
4. The Ministry of Justice, Prison Affairs, and Constitutional Reforms has spearheaded significant legal reforms since 2022, passing 59 reforms with 7 draft laws and 44 amendments pending: highlights include expanding Supreme Court judges, establishing Commercial High Courts, and enhancing judicial digitisation: aims to boost economic growth through improved legal frameworks and governance.
   
5. Speaker Mahinda Yapa Abeywardena discloses the Supreme Court’s verdict on the proposed ‘Sri Lanka Telecommunications (Amendment) Bill,’ asserting that the Supreme Court has found several clauses of the Bill to be unconstitutional: Consequently, these clauses will necessitate a special majority in Parliament for approval: However, the Court indicated that if the contentious clauses are amended, they could pass with a simple majority.
   
6. The IMF has highlights the necessity of upcoming tax adjustments in Sri Lanka to bolster national reserves: These reforms, aiming for 15% of GDP by 2025, follow significant strides in tax policy during 2023-2024: IMF’s Peter Breuer notes Sri Lanka’s unique fiscal challenges, contrasting them with global economic strategies: stresses the need for effective debt restructuring and broad creditor participation to ensure sustainability.
   
7. Election Commission Chairman Rathnayake cautioned against premature election date announcements by political parties, asserting sole authority under the Constitution: NPP’s Anura Kumara Dissanayake and Tourism Minister Harin Fernando proposed September 28 or October 5 for polling, prompting Rathnayake to clarify Commission’s post-July 17 decision-making period within September 17 to October 17 for elections.
   
8. Special transport services are aiding pilgrims visiting Mihintale Temple for Poson Poya: Sri Lanka Railways launches a free train from Anuradhapura supervised by Minister Bandula Gunawardena: Bus services are also available due to rail maintenance, with 400 extra buses between Mahawa and Anuradhapura: The Ministry of Buddhasasana has organised Poson Poya events till June 24.
   
9. Police throw water cannons to disperse a protest by unemployed graduates near Diyatha Uyana, Parliament Junction, today (18): Simultaneously, a protest march by university non-academic staff on Lotus Road, Colombo Fort, caused road closure and severe traffic congestion: The University Trade Union Joint Committee (UTUJC) organised the latter demonstration.
   
10. Sri Lanka finishes their 2024 T20 World Cup campaign with an emphatic 83-run victory over Netherlands at Daren Sammy National Cricket Stadium, St. Lucia: This win, led by Charith Asalanka’s explosive 46, marked their first victory after defeats and a rain-abandoned match: Asalanka praised the team’s effort in achieving a challenging total.

June 18, Colombo (LNW): Police threw water cannons to disperse a protest organised by unemployed graduates near the Diyatha Uyana at the Parliament Junction this afternoon (18).

Meanwhile, the Lotus Road in Colombo Fort has been blocked due to a protest march organised by university non-academic staff, compelling the authorities to close the road temporarily for vehicular movement.

The event resulted in severe traffic congestion in the area.

The protest march was organised by the University Trade Union Joint Committee (UTUJC).

June 18, Colombo (LNW): Special public transport services have been implemented to facilitate pilgrims visiting Mihintale Temple ahead of Poson Poya, observed on Friday (June 21).

Sri Lanka Railways yesterday (17) inaugurated a complimentary train service from Anuradhapura to Mihintale, launched under the supervision of Minister of Transport Bandula Gunawardena.

This service will remain free of charge for the public during this period.

Due to ongoing maintenance work on the railway track between Mahawa and Anuradhapura, special bus services have been introduced for pilgrims travelling from Colombo to Mihintale.

The Ministry of Transport has deployed an additional 400 buses to operate between Mahawa Railway Station and Anuradhapura to accommodate the increased demand.

The National Poson Week begins tomorrow (June 18) and extends until the following Monday (24).

The Ministry of Buddhasasana, Religious and Cultural Affairs has arranged various activities for Poson Poya celebrations centred around Anuradhapura, Mihintale, and Thanthrimale.