35. In this Act unless the context otherwise requires- "designated non-finance business" includes-
| (a) individual and collective portfolio management; |
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| (b) investing administering or managing funds or money on behalf of other person; |
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| (c) safekeeping and administration of cash or liquid securities on behalf of other persons; |
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| (d) safe custody services; |
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| (e) under- writing and placement of insurance, as well as insurance intermediation by agents and brokers; |
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| (f) trustee administration or investment management or a superannuation scheme; |
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| (g) casinos, gambling houses or conducting of a lottery, including a person who carries on such a business through the internet when their customers engage in financial transactions equal to or above the prescribed threshold; |
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| (h) real estate agents, when they are involved in transactions for their clients in relation to the buying and selling of real estate; |
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| (i) dealers in precious metals and dealers in precious and semi-precious stones, including but not limited to metals and stones covered by the Gem and Jewellery Act, No. 50 of 1993, when they engage in cash transactions with a customer equal to or above the prescribed threshold; |
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| (j) lawyers, notaries, other independent legal professionals and accountants when they prepare for, or carry out, transactions for their clients in relation to any of the following activities: -
| | (i) buying and selling of real estate; | | |
| | (ii) managing of client money, securities or other assets; | | |
| | (iii) management of bank, savings or securities accounts; | | |
| | (iv) organization of contributions for the creation, operation or management of companies; and | | |
| | (v) creation, operation or management of legal persons or arrangements and the buying and selling of business entities; | | |
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| (k) a trust or company service provider not otherwise covered by this definition, which as a business provides one or more of the following services to third parties:-
| | (i) formation or management of legal persons; | | |
| | (ii) acting as or arranging for another person to act as, a director or secretary of a company, a partner of a partnership or a similar position in relation to other legal persons; | | |
| | (iii) providing a registered office, business address or accommodation, correspondence or administrative address for a company, a partnership or for any other legal person or arrangement; | | |
| | (iv) acting as or arranging for another person to act as, a trustee of an express trust; | | |
| | (v) acting as or arranging for another person to act as, a nominee shareholder for another person; | | |
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| (l) offshore business in accordance with the definitions provided for the same in other written laws; and |
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| (m) such other business as may be prescribed from time to time by the Minister taking into consideration the interests of the national economy; |
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"Financial Intelligence Unit (FIU)" means the Financial Intelligence Unit established under section of the Financial Transactions Reporting Act, No. 6 of 2006; "finance business" includes any one of the following businesses or activities :-
| (a) banking, as defined in the Banking Act, No. 30 of 1988, including the acceptance of deposits or other repayable funds from members of the public; |
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| (b) finance business as defined in the Finance Companies Act, No. 78 of 1988 (irrespective of whether the person is licensed or registered under the Act); |
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| (c) lending, including consumer credit, mortgage credit, factoring (with or without recourse) and financing of commercial transactions; |
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| (d) financial leasing other than transactions relating to consumer products; |
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| (e) the transfer of money or value; |
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| (f) money and currency changing services; |
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| (g) issuing and managing means of payment (i. e credit cards, travellers' cheques, money orders and bankers' drafts and electronic money); |
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| (h) issuing financial guarantees and commitments, including but not limited to, consumer credit, factoring with or without recourse and financing of commercial transactions including forfeiting; |
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| (i) trading for its own account or for the account of customers in money market instruments (i.e. cheques, bills of exchange, certificates of deposit and derivatives), foreign exchange, exchange, interest rate and index instruments, commodity futures trading and transferable securities; |
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| (j) participating in securities issues and the provision of financial services related to such issues; and |
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| (k) such other business as may be prescribed from time to time by the Minister taking into consideration the interests of the national economy. |
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"Institution" means any person or body of persons engaged in or carrying out any finance business or designated non-finance business within the meaning of this Act; "Offshore Unit" means a unit or department of a licensed commercial bank carrying on banking business, subject to the provisions of Part IV of the Banking Act, No. 30 of 1988, dealing with Offshore Banking; "person" includes a body of persons; "property" means any currency, and includes any asset of any kind, whether corporeal or incorporeal, movable or immovable, tangible or intangible whether situated in Sri Lanka or elsewhere, and legal documents or instruments in any form whatsoever including electronic or digital form, evidencing title to, or interest in, such assets, including but not limited to bank credits, travellers cheques, bank cheques, money orders, shares, securities, bonds, drafts, letters of credit and includes any legal or equitable interest in any such property; "transaction" means any activity connected with finance business or designated non-finance business ; "transaction" in relation to property includes-
| (a) a purchase, sale, loan, charge, mortgage, lien, pledge, transfer, delivery, assignment, subrogation, transmission, gift, donation, creation of a trust, settlement, deposit including any deposit of any article, withdrawal, transfer between assets, extension of credit; |
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| (b) any agency or grant of power of attorney; |
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| (c) any other disposition or dealing of property in whatever form, or whatsoever description or nature, howsoever described, which results in any right, title, interest or privilege, whether present or future, or whether vested or contingent, in the whole or any part of such property being conferred on any person; and |
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"unlawful activity" means any act which constitutes and offence under -
| (a) the Poisons, Opium and Dangerous Drugs Ordinance (Chapter 218); |
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| (b) any law or regulation for the time being in force relating to the prevention and suppression of terrorism; |
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| (c) the Bribery Act (Chapter 26); |
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| (d) the Firearms Ordinance (Chapter 182), the Explosives Ordinance (Chapter 183) or the Offensive Weapons Act, No. 18 of 1966. |
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| (e) the Exchange Control Act (Chapter 423); |
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| (f) an offence under section 83c of the Banking Act, No. 30 of 1988; |
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| (g) any law for the time being in force relating to transnational organised crime; |
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| (h) any law for the time being in force relating to cyber crime; |
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| (i) any law for the time being in force relating to offences against children; |
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| (j) any law for the time being in force relating to offences connected with the trafficking of persons; and |
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| (k) an offence under any other law for the time being in force which is punishable by death or with imprisonment for a term of seven years or more. |
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Sri Lanka Consolidated Acts