Pyramid Promise

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

Finance Ministry says it will try to expedite anti-pyramiding legislation drafted by the Central Bank, through parliament. Finance Ministry says it will try to expedite anti-pyramiding legislation drafted by the Central Bank, through parliament. “I am looking at the draft legislation and will take some action soon,” Finance Minister Sarath Amunugama told The Sunday Times FT when asked about the proposed new laws in the light of rising concern about the rapid proliferation of pyramid schemes.

But Amunugama said he was unable to give a time frame for bringing in the new legislation.

Pyramid schemes are banned in many countries but their proliferation here has alarmed bankers and regulatory authorities, which fear the public may be duped into investing money in such scams in the absence of laws to prevent them.

There have been calls for a public awareness campaign to educate investors about the dangers of such easy money schemes while the authorities have the option of fast-tracking the new legislation.

The Central Bank has already drafted legislation to combat pyramiding in the proposed new Banking Act, bu