Sri Lanka, Jan. 21 -- The Colombo Port City Economic Commission (Amendment) Bill officially became law today as Speaker Dr Jagath Wickramaratne endorsed it with his signature. This legislative update, now enacted as the Colombo Port City Economic Commission (Amendment) Act No. 01 of 2026, follows its introduction to Parliament on December 5, 2025, and its subsequent passage on January 7, 2026.

This amendment modifies the original Act No. 11 of 2021 to strengthen regulatory oversight regarding offshore banking and tax compliance. It further clarifies the specific criteria required for Businesses of Strategic Importance (BSI) operating within the zone.

Key provisions of the new law introduce more rigorous monitoring of financial activiti...