As enacted

Contents

8. Insertion of new section 16A in the principal enactment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

The following new section is hereby inserted immediately after section 16 of the principal enactment and shall have effect as section 16A of that enactment:-

16A. In this Act unless the context otherwise requires-

“finance business” includes any one of the following business or activities:-

(a)

banking, as defined in the Banking

Act, No. 30 of 1988, including the acceptance of deposits or other repayable deposits from members of the public;

(b)

finance business as defined in the

Finance Companies Act, No. 78 of 1988 or any Act enacted in place thereof;

(c)

lending, including consumer credit, mortgage credit, factoring

(with or without recourse) and financing of commercial transactions;

“Interpretation.

(d)

financial leasing other than transactions relating to consumer products;

(e)

the transfer of money or value;

(f)

money and currency changing services;

(g)

issuing and managing means of payment (i.e. credit cards, travelers’

cheques, money orders and bankers’ drafts and electronic money);

(h)

issuing financial guarantees and commitments, including but not limited to, consumer credit, factoring with or without recourse and financing of commercial transactions including forfeiting;

(i)

trading for its own account or for the account of customers in money market instruments (i.e. cheques, bills of exchange, certificates of deposit and derivatives), foreign exchange, exchange, interest rate and index instruments, commodity futures trading and transferable securities;

(j)

participating in the issue of securities and the provision of financial services related to such issue;

(k)

banking business carried on by a company, to whom a licence to

Convention on the Suppression of Terrorist carry on banking business is issued under the Banking Act, No. 30 of 1988;

(l)

any finance business carried on by any society registered under the

Co-operative Societies Law, No. 5

of 1972 or any Act enacted in place thereof;

(m)

any finance business carried on by the Samurdhi Authority of Sri

Lanka, established by the

Samurdhi Authority of Sri Lanka

Act, No. 30 of 1995; and

(n)

underwriting and placement of insurance as well as insurance intermidation by agents and brokers;

“funds or property” means-

(a)

any currency including also, but not limited to, bank credits, travellers cheques, bank cheques, money orders, shares, securities, bonds, drafts, letters of credit; or

(b)

any asset, whether-

(i)

corporeal or incorporeal, movable or immovable, tangible or intangible;

(ii)

kept or situated within or outside Sri Lanka, and where title or legal or equitable interest in such funds or property, or any income or proceeds of such funds or property, is evidenced by any legal document or instrument in any form whatsoever, including any electronic or digital form;

“institution” means any person or body of persons engaged in or carrying on finance business;

“material support or resources” includes any tangible, movable or immovable property or service, including currency or monetary instruments or financial services, lodging, training, expert advice or assistance, safe houses, false documentation or identification, communications equipment or facilities, weapons, lethal substances, explosives, personnel and transportation, but shall not include medicines or religious material;

“person” includes a body of persons; and

“terrorist act” includes, the use of threat of action, which involves-

(a)

the use of threat of action which is designed to influence the government, or to intimidate the public or a section of the public;

(b)

the use of threat of action which is made for the purpose of advancing a political, religious or ideological cause, and such action,

(i)

involves serious violence against a person;

Convention on the Suppression of Terrorist

(ii)

involves serious damage to property;

(iii)

endangers the life of another person, other than the person committing the action;

(iv)

creates a serious risk to health or safety of the public or a section of the public; or

(v)

is designed seriously to interfere with or seriously to disrupt an electronic system.”.

Read on from s 9