Parliamentary Speaker Jagath Wickramaratne announced yesterday (21) in Parliament that he has endorsed the certificate on the Colombo Port City Economic Commission (Amendment) Bill, on Tuesday (20). This Bill was presented to Parliament on 5 December last year (2025) and was taken up for debate and passed in Parliament on 7 January.

The Colombo Port City Economic Commission (Amendment) Bill has been brought with the objective of amending the principal enactment, the Colombo Port City Economic Commission Act, No. 11 of 2021, with a view to strengthening regulatory oversight with respect to offshore banking activities and tax compliance, and further amending and clarifying the criteria relating to Businesses of Strategic Importance (BSI).

Through this Amendment Act, a more stringent supervision mechanism is introduced for financial activities within the zone, particularly by granting the Central Bank of Sri Lanka the authority to regulate and supervise offshore banking activities in conformity with international standards. Furthermore, the Act aligns the economic framework of the Port City with global banking requirements and national financial stability objectives.

Accordingly, the Colombo Port City Economic Commission (Amendment) Bill comes into operation as the Colombo Port City Economic Commission (Amendment) Act, No. 01 of 2026.