Colombo Port City Economic Commission Bill to be passed by parliament on Thursday

COLOMBO: The Colombo Port City Economic Commission Bill is being taken up for debate on Wednesday and Thursday.

The bill will be taken up for debate on Wednesday from 10 a.m. to 5.30 p.m. and will continue from 10.00 a.m. to 4.30 p.m. on Thursday.

The Supreme Court rejected 19 petitions challenging the “Colombo Port City Economic Commission” bill and approved the $1.4-billion project subject to minor amendments which the government immediately said it accepted.

Under the proposed legislation expected to be passed by parliament on Thursday, the Port City will be administered by a commission with unprecedented powers to fast track investment approvals.

US ambassador Alaina Teplitz told reporters last month that an unintended consequence of the Port City could be “a haven for money launderers and other sorts of nefarious actors.”

However, the Supreme Court noted that “laws which seek to prevent money laundering and terrorist financing… apply within the area of authority of the Colombo Port City.”