{"id":113653,"date":"2021-04-19T22:49:44","date_gmt":"2021-04-20T04:49:44","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=113653"},"modified":"2021-04-19T15:23:24","modified_gmt":"2021-04-19T22:23:24","slug":"colombo-port-city-projecting-sri-lanka-as-the-newest-commercial-landscape-in-asia-says-veemansa-initiative","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2021\/04\/19\/colombo-port-city-projecting-sri-lanka-as-the-newest-commercial-landscape-in-asia-says-veemansa-initiative\/","title":{"rendered":"Colombo Port City \u2013 Projecting Sri Lanka as the newest commercial landscape in Asia – says Veemansa Initiative"},"content":{"rendered":"

Press Release Veemansa Initiative<\/strong><\/em><\/span><\/h2>\n\n\n

Veemansa Initiative, an independent think tank recently held a Webinar on the proposed Colombo Port City Economic Commission Bill and related subjects. <\/p>\n\n\n\n

Based on the deliberations at the webinar and\nthe follow-up analysis, it was evident that the Colombo Port City Project, a\n100% foreign investment venture plans to attract a diverse group of secondary\ninvestors. <\/p>\n\n\n\n

A prime target of the project is the financial\nsector in order to project Sri Lanka as an internationally competitive\nFinancial Centre. <\/p>\n\n\n\n

In this regard, the establishment of regional\nheadquarters of international banking giants and other financial sector\nenterprises is expected to be realized in the initial stages. <\/p>\n\n\n\n

Further consideration based on the\npresentations at the Webinar, it was evident that Sri Lankas existing rules and\nregulations, including anti-money laundering regulations and monitoring\nmechanism, is well equipped to counter any possibilities of money laundering or\nany other illegal transaction.  Sri\nLanka\u2019s Anti Money Laundering and Countering the Financing the Terrorism regime\ncomprises of three pieces of legislation. <\/p>\n\n\n\n

A. Convention of the suppression of terrorist\nfinance Act <\/p>\n\n\n\n

b. Prevention of money laundering Act of 2006 <\/p>\n\n\n\n

In order to provide and monitor financial\ntransactions, a Financial Intelligent Unit was established in 2006 under the\nMinistry of Finance and Planning. This unit currently functions as an independent\ninstitution within the Central Bank of Sri Lanka. The overall objective of this\nunit is to combat money laundering, terrorist financing and related crime\nscenes in Sri Lanka in line with international standards and best practices. It\nis observed that with such stringent regulations and implementing framework,\nthe Colombo port city will never become a money-laundering centre. <\/p>\n\n\n\n

If any such potential exists in Colombo, it\nshould be equally applicable to Dubai, Singapore and Hong Kong. <\/p>\n\n\n\n

During the follow-up discussions, it was noted\nthat Chinese Special Economic Zones, even with substantial liberalization of\nthe financial transactions have successfully managed to prevent money\nlaundering or related activities. <\/p>\n\n\n\n

Discussions at the Webinar also highlighted\nthe generation of foreign exchange earnings and new employment opportunities\nfor highly skilled manpower. <\/p>\n\n\n\n

According to the presentations of the\ngovernment, taking into consideration the emerging demand for such human\nresources, reforms in the education sector has been proposed. <\/p>\n\n\n\n

Professor Bo Chen was focusing on the\npotential for developing the Colombo Port City with state-of-the-art\ntechnologies to make it a smarter and greener city. In this regard, the emergence\nof new business and employment opportunities are envisaged. <\/p>\n\n\n\n

Veemansa Initiative plans to conduct further\ndiscussions and analysis on the implementation of Colombo Port City in the\nmonths and years to come. <\/p>\n\n\n\n

For more information: –  Luxman Siriwardene, Managing Director \u2013\nVeemansa Initiative (0773660520)<\/p>\n","protected":false},"excerpt":{"rendered":"

Press Release Veemansa Initiative Veemansa Initiative, an independent think tank recently held a Webinar on the proposed Colombo Port City Economic Commission Bill and related subjects. Based on the deliberations at the webinar and the follow-up analysis, it was evident that the Colombo Port City Project, a 100% foreign investment venture plans to attract a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,6],"tags":[],"class_list":["post-113653","post","type-post","status-publish","format-standard","hentry","category-business","category-politics"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/113653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=113653"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/113653\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=113653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=113653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=113653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}