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Central Bank Tightens Screws

Jul 16, 2010 6:32:33 AM - thesundayleader.lk

By Gazala Anver

The Central Bank’s “Finance Business Act,” aimed at protecting investors against fraudulent financial institutions, is in the process of approval, Central Bank Deputy Governor, Mr. Fernando said.

The act, which will perform the function of “legal teeth,” is to control illegal deposit taking, a common phenomenon in Sri Lanka, with fraud companies like the Golden Key Credit Card Company, and Sakvithi House Constructions Pvt. Ltd, having embezzled billions of rupees from investors in the past.

The new act, once approved from the Finance Ministry, is said to be a better mechanism than the previous one and will be in operation within this year.