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| Sunday, 31 July 2005 |
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Cabinet nod to prevent money laundering, terrorist funding Cabinet on Thursday granted approval for 56 cabinet papers presented by ministers including the framework for the open sky policy and prevention of money laundering, terrorist funding and financial reporting. Minister of Ports and Civil Aviation Mangala Samaraweera presented the cabinet paper on the open sky policy framework. The open sky deregulates market aspects of both countries so that carriers of both countries are free to serve any points they wish. Cabinet spokesman Minister Nimal Siripala De Silva said that the policy framework was discussed with all stakeholders and all limitations, precautions and effects on the national carrier SriLankan were considered. The impact on the tourism industry was also discussed with the Minister of Tourism, he said. Finance Minister Dr. Sarath Amunugama presented the draft of the Bill to prevent money laundering, terrorist funding and financial reporting. Under the new laws transactions of all banks and financial institutions will be monitored. However, the cabinet spokesman did not reveal details of the new Act and said that the Finance Minister will brief the media. The Act will be tabled and passed in Parliament soon. Minister Dew Gunasekara said that the objective of the new Act is to ensure financial stability in the country and prevent terrorist funding complying with international conventions. The Cabinet also approved a paper presented by the Minister of Mahaweli Development Maithripala Sirisena to develop mini hydro power projects in waterways belonging to the Mahaweli Ministry. |
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