The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka (CBSL) has collected Rs. 6.5 million in fines from three financial institutions from January to June 2025.

According to the CBSL, the fines were imposed on National Savings Bank, Bally’s Limited, and Bellagio Limited to enforce compliance on the institutions.

Issuing a statement, the CBSL said that by virtue of the powers vested under Section 19 (1) read together with Section 19 (2) of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), financial penalties are imposed on Institutions for non-compliance with the provisions of the FTRA. 

The penalty may be prescribed by taking into consideration the nature and gravity of relevant non-compliances of the Institutions. 

Accordingly, as Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU collected penalties of Rs. 6. 5 million in total from January to June 2025 to enforce compliance on Institutions. 

The Central Bank added that the money collected as penalties was credited to the Consolidated Fund. (Newswire)

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Opposition MP Hector Appuhamy questioned the government’s stance on casinos, pointing out their reversal in opinion by allowing the opening of a casino in Sri Lanka.

Addressing the Parliament yesterday, MP Appuhamy highlighted the arrival of Bollywood actor Shah Rukh Khan for the opening of South Asia’s first fully-integrated resort, which consists of a state-of-the-art casino.

“You were of the view that casinos should not be allowed to operate in Sri Lanka. You spoke against casinos while in the opposition. But today, you are bringing down Shah Rukh Khan for the opening of a casino operated by an international company. We wonder where the Dollars to pay the actor are going to be sourced,” the MP said. 

MP Hector Appuhamy questioned whether the payment for the Indian actor would be made through foreign exchange, urging the government to reveal the facts in this regard. 

“Are you in support of casinos now? Money made through this casino will be sent outside Sri Lanka. Your government will be the one to expand the casino business in Sri Lanka to collect tax in any manner you want. You are not people who stick to what you promised before,” the MP said. 

The opposition MP further urged the government to keep its promises to the public. (Newswire)

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The Parliamentary Committee on Public Finance (COPF) has approved two regulations presented under the Import and Export (Control) Act No. 1 of 1969.

Proposals were submitted to the COPF during a meeting this week, seeking approval to lift import restrictions imposed since 2020 on several items. 

This included phased importation of used cloth (warm cloth), and importation of motor vehicle spare parts required for motor vehicle assembly industries and repairs. 

It also included the importation of gaming equipment and necessary machinery for casinos licensed under the Casino Business (Regulation) Act No. 14 of 2010.

At this point, the Committee instructed that Sri Lanka Customs should maintain records and data of all imported casino equipment and associated items.

Additionally, officials from the Ministry of Finance briefed the Committee on the background regarding the draft Bill for the establishment of a Gambling Regulatory Authority. 

COPF Chairman MP Harsha de Silva said that expediting the passage of the proposed legislation to establish the Gambling Regulatory Authority would enable the government to recover a significant amount of revenue currently being lost in taxes. (Newswire)

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John Keells Holdings (JKH) has entered a partnership with global casino operator Melco Resorts and Entertainment Limited to operate a casino at its billion-dollar integrated resort in Colombo.

The estimated initial investment in the casino is expected to be approximately US$125 million.

The highly anticipated resort, previously known as Cinnamon Life Integrated Resort, will be renamed ‘City of Dreams Sri Lanka’. This branding aligns with other Melco properties in locations such as Macau, the Philippines, and Cyprus, Melco said in a statement.

The government has granted a 20-year casino license to a fully-owned subsidiary of Melco in Sri Lanka. Within the resort, Melco will manage a 113-room luxury hotel under its Nuwa brand, while a 687-room Cinnamon hotel will also be operational.

City of Dreams Sri Lanka will be the first integrated resort in Sri Lanka and South Asia, expected to revolutionize luxury hospitality and entertainment in the region. (Newswire)

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