Sri Lanka, June 23 -- Transparency International Sri Lanka (TISL) filed legal action on Thursday 19 June 2025, in the Supreme Court challenging the Bill to amend the Companies Act No. 07 of 2007. The petition has been filed in the public interest.
The amendment introduces a critical anti-corruption tool - a Beneficial Ownership Information (BOI) register. TISL contends that beneficial ownership of a company is a national security imperative, in as much as, anonymous or opaque corporate structures are frequently used for transnational illicit financial flows, funding of organized crime and terrorism, fronts for foreign influence operations, and laundering proceeds of crime. A BOI register ensures that companies disclose the individuals who ...