Pyramid Promise

Sri Lankan Prime Minister Ranil Wickremasinghe (2nd R) arrives to visit the site of a bomb attack at St. Anthony's Shrine in Kochchikade in Colombo on April 21, 2019. - A string of blasts ripped through high-end hotels and churches holding Easter services in Sri Lanka on April 21, killing at least 156 people, including 35 foreigners. (Photo by ISHARA S. KODIKARA / AFP) (Photo credit should read ISHARA S. KODIKARA/AFP/Getty Images)

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