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Mitigating bribery, corruption & corporate risks with automated compliance

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Compfie addresses a major industrial concern

Aparajitha Corporate Services Private Limited, India’s no. 1 company for Compliance in association with 3W, a leading Transformational Consulting and Training Company in Sri Lanka, organised its 2nd Global Compliance Webinar recently.

Aparajitha Corporate Services Private Limited introduced its Global E-Governance & Compliance Platform – ‘Compfie’ in Sri Lanka in association with 3W Consulting headquartered in Colombo, last year. This move to position ‘Compfie’ in Sri Lanka’s compliance market marked a major development for the strategic country partnership between Aparajitha and 3W.

The virtual webinar session was about understanding compliance management and the role technology & digitisation can play in transforming financial compliance for organisations.

Speaking on the importance of the session, Mr. Nagaraj Krishnan, Managing Director, Aparajitha Corporate Services Private Limited said, “With increased regulatory changes and the ‘new normal’ brought forth by COVID-19, One major trend in corporate compliance to watch out for in 2022 will be the substantial increase in digital transformation in terms of automation and simplification of compliance-related processes. Any e-compliance architecture needs to be designed to provide complete visibility and a bird’s eye view of the compliance status across the country, state, and unit levels. It is equally important for experts to provide round-the-clock support in updating country-wise Industry-specific laws and auto-configuring the software with an appropriate domain covering laws under Labour, Fiscal, Corporate, Commercial, EHS, and industry-specific catering to large global organisations, medium and small firms,” adds Krishnan.

“Sri Lankan Companies today have rapidly prioritised Compliance, as Boards have stepped up their commitment to Corporate Governance driven by SEC, Market and regulatory dynamics. Since the outbreak of the Pandemic, Corporates have faced the challenge of facilitating “Work from Anywhere” and operating through Hybrid Models has further compounded the risk of non-compliance. Companies are required to comply with Regulatory Standards, around the value chain in their operating model covering Fiscal, HR, and Environment Functions. A Board can keep track of the Compliances spread across the different Business Functions and different job responsibilities through our Compliance solution “Compfie”; a fully integrated online Compliance Management tool designed to Global Standards with a dynamic Country, Industry, and Corporate Legal Knowledge Management System embedded. This Legal KMS in Compfie also caters to specific Sectors, Industry Compliance Standards, and requirements,” said Mr. Stefan Moraes, Managing Director, 3W Consulting.

Some of the major aspects discussed in the session included; how digitization can help businesses in…

Mitigating Operational Challenges in Tracking Compliances for Multiple Location / Multiple Regulatory Compliances – Department of Registrar of Companies (DRC), Inland Revenue Department (IRD), Central bank of Sri Lanka (CBSL), Securities and Exchange Commission of Sri Lanka (SEC), Financial Intelligence Unit (FIU), Insurance Regulatory Commission of Sri Lanka (IRCSL) and Sri Lanka Customs (SLC)

Complying with all applicable laws and management responsibility as per Sri Lanka Auditing Standards (SLAuS 250)

Preventing and detecting Money Laundering & Financing Risks while dealing with customers through Financial Transaction Reporting Act (FTRA), Designated Non-Finance Business (DNFB), and Customer Due Diligence (CDD) Regulations

Keeping an organisation up-to-date with proactive alerts on the changes in the applicable laws and regulations together with relevant guidelines, determinations, directions, notices, and circulars by regulators (CBSL, IRD, DRC, IRCSL, FIU, SEC, etc.)Avoiding the risk of missing any important Financial Compliances – Anti-Money Laundering (AML), Compliance Obligations, Customer Due Diligence, and United Nations Sanctions, Outsourcing Regulations, Basel III and Sri Lankan Financial Reporting Standards (SLFRS)



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Renowned British publisher calls on govt. to reconsider clamping 18% VAT on books

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John Beaufoy at an event in Singapore.

By Ifham Nizam

Renowned British publisher John Beaufoy has made an impassioned plea to Sri Lanka’s government to reconsider the 18% Value Added Tax (VAT) imposed on books, citing its detrimental effect on the country’s literary market, education system and cultural development.

Speaking exclusively to The Island Financial Review during his recent visit to Colombo to promote his latest publications, Beaufoy emphasized the adverse impact of the tax on both readers and the publishing industry.

He added: “The 18% VAT is very hefty, especially during tough economic times. Books should be treated as an educational item, as they are in the UK, where no VAT is imposed on books.”

Beaufoy, whose publishing house specializes in natural history titles across the Indo-Pacific region, expressed concern on how the tax discourages reading and limits access to knowledge.

“Sri Lankans have a deep love for reading and learning about their country, especially in areas like wildlife, ecology and conservation. This tax creates an unnecessary barrier, he added.

“Sri Lanka has long been a nation of readers, with a rich literary heritage and a strong tradition of storytelling. However, booksellers and publishers across the country have reported that the VAT has led to reduced sales and diminished accessibility for readers.

“Books are essential for spreading knowledge and preserving culture. The imposition of VAT on books is counterproductive for a country that values education, Beaufoy stated.

He pointed out that many countries, including the UK, recognize books as educational tools and exempt them from such taxes.

Booksellers like M.D. Gunasena, Vijitha Yapa and Barefoot, whom Beaufoy met during his visit, had also voiced their concerns. They noted that the VAT not only burdens readers but also hampers their ability to promote and distribute important publications, particularly those focusing on conservation and local heritage.Beaufoy added: “To speak to Vijitha is an absolute pleasure, always. He has so much knowledge and experience. I would say not just of the book business, but of the world.

“He is such an interesting man to talk to. I have known Vijitha for probably 30 years, I think. And I have been privileged to get to know him and his family over that period.

“And I always enjoy very much listening to his stories, his opinions and his knowledge of the book business is really pretty unsurpassed, I think, in Sri Lanka. Vijitha has seen it all. Of course, he was brave and entrepreneurial enough to have a bookshop at the airport in Colombo for many years, somewhere that most people, everybody who’s travelled out of Sri Lanka will be familiar with that shop.

“And it used to be a great outlet for books on Sri Lanka and Sri Lankan wildlife.”

One of the highlights of Beaufoy’s visit was the launch of A Photographic Guide to the Wildlife of Sri Lanka by Gehan de Silva Wijeyeratne. The book, featuring over 1,100 species and photographs, is a celebration of Sri Lanka’s biodiversity.

“This book is a visual treasure. Gehan has done an incredible job compiling a comprehensive guide to Sri Lanka’s wildlife, ranging from birds and mammals to reptiles, insects, and marine fish, Beaufoy said. “It’s the kind of publication that fosters pride and awareness about conservation.”

Beaufoy also discussed plans for future books focusing on marine life, seashore habitats, and insects in Sri Lanka, which he believes will resonate with both locals and tourists. “Sri Lanka’s natural beauty is unparalleled. There’s so much potential to highlight the country’s biodiversity through high-quality publications,” he remarked.

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‘Amba Yaalu’ changes face of SL’s hospitality industry with all-women operated hotel

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Dignitaries at the ceremonial launch of ‘Amba Yaalu’.

By Harischandra Gunaratna

Changing the face of hospitality in Sri Lanka, Thema Collection during the weekend ceremonially opened its latest theme hotel, the four star ‘Amba Yaalu’, fully operated and managed by women, on the banks of the picturesque Kandalama Lake.

Chairman of the company, Chandra Wickremesinghe said, “Our objective is to empower women by opening new frontiers for them in the hospitality industry which is a male- dominated profession and, to harness their talents.

“The company has invested Rs. 800 million on the property with 50 percent on bank loans and the rest from private funds, while the land was leased by the Mahaweli Authority.

‘We envisage a radical change with more women joining the hospitality industry and our women need not seek employment in other countries, leaving their families , if they can be gainfully employed here, Wickramasinghe said.

‘Amba Yaalu’ has a mix of experienced hoteliers as well as raw home grown talent who have been trained in-house to run different functions in the hotel with Thema Collection laying emphasis on training.

“We plan to recruit more young women from the locality and provide them intense training to handle different functions in the hotel, said Maxime Wickramasinghe, a director of the hotel.

The resort located in a 6 1/2 acre mango grove surrounded by 457 Mango trees, features 33 elegantly designed rooms, including 4 suites with an Ayurvedic spa, Yoga terrace and a dedicated Vegan restaurant. Thema Collection was inspired by the 1957 iconic novel of the same name, ‘Amba Yaluwo’ (Mango Friends), authored by T.B.Illangaratne and later translated into several languages, including English.

The essence of ‘Amba Yaalu’ is bonhomie and camaraderie and unsurpassable hospitality.

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Advancing value-added export manufacturing – Sri Lanka Economic Summit

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A session on Driving Growth in Value-Added Export Manufacturing at the Sri Lanka Economic Summit will address key challenges to enhancing Sri Lanka’s value-added export manufacturing, and examine how the country can strengthen its integration into global and regional value chains.

Conducted under the theme Shaping Sri Lanka’s Future: Transformational Growth Rooted in Sound Economic Policies, the SLES will be held on January 28th and 29th at the Shangri La Hotel, Colombo.

The session focusing on value-added export manufacturing on January 29th, will explore areas such as improving productivity improvements, the cost of doing business, innovation, and reforms to labour laws. It will also draw on Thailand’s experience in driving export-led investment growth, with a presentation by Ms. Parima Damrithamanij, Senior Manager of Deloitte Thailand’s Global Trade Advisory. With her background in international trade negotiations, regulatory reform, and economic policy, including a 15-year stint at the Ministry of Commerce, she will share key lessons from Thailand’s transformation.

Joining the session are Ms. J.M.T. Jayasundara – Secretary of the Ministry of Industry and Entrepreneurship Development, Suren Fernando – CEO of MAS Holdings PLC, and Rajitha Kariyawasan – Executive Director of Hayleys Group and Managing Director of Haycarb. The discussion will be moderated by Yohan Lawrence, Secretary General of JAAF and Chairman of EASL, ensuring a comprehensive exploration of the role of policy, private sector innovation, and public-private collaboration in advancing value-added export manufacturing.

Registrations are now open at www.sles.chamber.lk. For further information, please contact Lilakshi at lilakshi@chamber.lk / 5588818 or Alikie at alikie@chamber.lk / 0115588805.

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