Regulatory Alerts2024-06-14 | Banking Act Order No. 02 of 2024Banking (Off-Shore Banking Business) Order
The Central Bank of Sri Lanka issued Banking Order No. 02 of 2024 to eliminate the demarcation between domestic and off-shore banking units, thereby permitting licensed commercial banks to conduct off-shore banking business as a standard activity. Effective June 15, 2024, the Order revokes nine existing off-shore banking scheme orders and operating instructions listed in Schedule I. The statutory savings clause ensures that all pending offences, liabilities, proceedings, examinations, and investigations under the repealed instruments continue unaffected until their final conclusion.
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