Legal Clean Up

The Central Bank is seeking legal expertise to help overhaul key financial legislations early next year.
The project will cover the Monetary Law Act, Banking Act, Exchange Control Act, Finance Companies Act, Finance Lease Act, and institution specific legislations like the National Development Bank Act, DFCC Bank Act, Bank of Ceylon Act and Peoples Bank Act.rn

rnThe consultants will also have to review and recommend changes to other supporting legislations in the financial sector like laws relating to electronic transactions. The suggestions will set the tone for a general framework to regulate and develop the financial sector including the money and capital markets.rn

rnAs a stopgap measure, the bank has secured the services of legal and banking expert Dr. Wickrama Weerasuriya on a short-term contract to fast track existing amendments.rn

rnUnder Dr. Weerasuriyas recommendations, existing amendments to the Banking Act and the Monetary Law Act, which governs the Central Bank, will be presented to