Regulatory Alerts2018-03-14 | Banking Act Order No. 1 of 2018Banking (Off-Shore Banking Business Scheme) Order
The Monetary Board of the Central Bank of Sri Lanka, with ministerial approval, issued Order No. 01 of 2018 to modernize the regulatory framework for offshore banking operations. The Order replaces Clause 5 of the 2000 scheme, mandating that non-resident accounts in offshore units be credited with inward remittances and processed for transactions permitted under the Foreign Exchange Act of 2017 in designated foreign currencies. It simultaneously revokes the preceding 2009 and 2011 scheme orders to consolidate offshore banking regulations under a single updated statutory instrument.
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