Legal Draftsman Therese Perera on Friday said that the bill was near finalization, with only a component dealing with information technology pending.
“We are working with the ICT Agency to make sure the legislation is relevant to technology developments as well.
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Perera expects the bill to get an all clear by end January.
Sri Lanka with a credit card population of just under 600,000 (Central Bank) recorded over 1600 cases of transaction related fraud in 2005, up an estimates 60 percent over 2004, a local law enforcement agency said.
Todate card crime is being dealt with civil laws, a long drawn out process, due to a lack of specific legislation governing transaction devices like credit and automated teller machine cards.
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Most card frauds involve stolen credit card numbers and counterfeit credit cards, which are used to buy goods or services and now increasingly over the internet.
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