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| Sunday, 15 December 2002 |
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Monetary Law Act takes shape Work on the new Monetary Law Act is scheduled to be completed by March next year. A committee of seven bankers is working on the new act, said Dr Wickrema Weerasooria, Consultant Financial Sector Legal Reforms, Central Bank and Adviser Ministry of Tertiary Education and Training delivering the seventh annual oration on 'Financial Fiscal and Monetary Policy Reforms in Sri Lanka'. It was organised by the Faculty of Taxation of the Institute of Chartered Accountants of Sri Lanka (ICASL). He said the committee will also formulate the new Banking Act with the necessary modifications. The Central Bank was established under the Monetary Law Act of 1949 and was formulated by American economist John Exter who became the first governor of the bank. Weerasooria said that J.R. Jayawardena, Sri Lanka's first finance minister, did not want a Britisher to handle this work as he had felt that we should look elsewhere as we had just come out of 150 years of British rule. Jayawardena sought assistance from Sweden, Belgium, France and America and America was willing to help and sent Mr Exter. Exter had just completed drafting Central Bank Acts for Korea and Philippines. He adopted the Philippine draft and we got a Monetary Board instead of a Central Bank Board. At present the incorporated body and the legal entity is the Monetary board and not the Central Bank. Dr Weerasooria also said that legislation on money laundering, computer (digital) crime and electronic transactions are being drafted by the Ministry of Justice. |
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