As enacted

Contents

19. Amendment of section 35 of the principal enactment

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

Section 35 of the principal enactment is hereby amended as follows:—

(1)

by the insertion immediately before the definition of the expression “designated non-finance business” of the following new definition—

“account” means any facility or arrangement by which an Institution does any of the following:—

(a)

accepts deposits of currency;

(b)

allows withdrawals of currency; or

(c)

pays cheques or payment orders drawn on the

Institution or collects cheques or payment orders on behalf of a person other than the

Financial Institution, and includes any facility or arrangement for a safety deposit box or any other form of safe deposit;”;

(2)

in the definition of the expression “designated non-finance business”—

(a)

by the repeal of paragraph (e) thereof;

(b)

by the relettering of all paragraphs from (f) to

(l)

as paragraphs (e) to (k) thereof, respectively;

(c)

by the repeal of paragraph (m) thereof and the substitution therefor of the following new paragraphs:—

“(l)

pawn brokering under Pawn Brokers

Ordinance (Chapter 90);

(m)

non profit organizations or non governmental organizations registered under any written law;”;

(3)

in the definition of the expression “finance business”—

(a)

by the repeal of paragraph (b) thereof and the substitution therefor of the following paragraph:—

“(b)

finance business as defined in Finance

Companies Act, No. 78 of 1988 or any

Act enacted in place thereof ;”;

(b)

by the repeal of paragraph (k) thereof and the substitution therefor of the following paragraphs:—

“(k)

any company, to whom a licence to carry on banking business under the

Banking Act, No. 30 of 1988, is issued;

(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 intermediation by agents and brokers.”;

and

(4)

in the definition of the expression “unlawful activity”—

(a)

by the repeal of paragraph (e) thereof and the substitution therefor of the following:—

“(e)

the Exchange Control Act (Chapter

423) and any Rule, Order or Regulation made thereunder;”;

(b)

by the repeal of paragraphs (j) and (k) thereof and the substitution therefor of the following paragraphs:—

“(j)

any written law for the time being in force relating to offences connected with the trafficking or smuggling of persons;

(k)

the Customs Ordinance (Chapter 235)

and any Regulation, Rule or Order made thereunder;

(l)

the Excise Ordinance (Chapter 52) and any Regulation, Rule or Order made thereunder;

(m)

the Payment Devices Frauds Act, No.

30 of 2006 and any Regulation, Rule or Order made thereunder;

(n)

the National Environmental Act, No.

47 of 1980 and any Regulation, Rule or Order made thereunder;

(o)

an offence under any other written law for the time being in force which is punishable by death or with imprisonment for a term five years or more:

Provided however that, notwithstanding anything to the contrary in the preceding provision, any offence under sections 386, 388,

399 and 401 of the Penal Code (Chapter

19) shall be deemed to be an unlawful activity for the purposes of this Act;

and

(p)

an act committed within any jurisdiction outside Sri Lanka, which would either constitute an offence in that jurisdiction or which would if committed in Sri Lanka amount to an unlawful activity within the meaning of this Act.”.

Read on from s 20