Colombo Port City Offshore Banking Regulations approved

Parliament has approved the regulations required to establish a supervisory framework for offshore banking operations within the Colombo Port City Special Economic Zone.

The Central Bank of Sri Lanka has been designated as the exclusive regulatory authority for these operations, overseeing key areas such as regulatory compliance, currency transactions, anti-money laundering (AML) and counter-terrorism financing (CTF), reporting requirements, fees and penalties, and corporate governance.

These regulations aim to provide a robust and transparent framework for offshore banking in Colombo Port City, ensuring the safety and stability of the financial system. Analysts believe this development will pave the way for enhanced financial transactions and capital movement, marking a significant milestone in the progress of the Port City Regulations

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