Beneficial Ownership Law enacted with TISL’s amendments

TISL says its recommendations to Companies (Amendment) Act, No. 12 of 2025 enhance transparency and public accountability Calls on Govt. and Registrar of Companies to ensure effective and meaningful implementation Asserts new law would enable effective detection and prevention of corruption, money laundering, financial flows; could also prevent conflicts of interest, tax evasion, potential money-laundering schemes and abuse of power

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PARLIAMENT Speaker Dr. Jagath Wickramaratne on Monday endorsed the certificate on the Companies (Amendment) Bill and accordingly, the Companies (Amendment) Act, No. 12 of 2025 is now enacted.

Transparency International Sri Lanka (TISL) said in a statement that it welcomed the constructive response of the Attorney General to the concerns raised in TISL’s petition filed in the Supreme Court challenging the Bill to amend the Companies Act, No. 07 of 2007. The petition was filed in the public interest, seeking to ensure that the proposed legislative amendments uphold Constitutional rights and beneficial ownership transparency.

TISL’s petition specifically contested Clause 7 of the Bill, which introduces Sections 130A-130J concerning the establishment of a Beneficial Ownership Information (BOI) register. Arguing that these provisions were inconsistent with the Right to Equal Protection of the Law and the Right of Access to Information, TISL raised concerns that the provisions are inadequate in promoting transparency and public accountability, as: