Trust Amendment Bill Passed, Mandating Oversight of Over 500 Trusts

COLOMBO (News 1st): The Trust (Amendment) Bill was passed in Parliament yesterday.

Through this, registration under the Registrar General will become mandatory for all registered and unregistered trusts and foundations of Parliament.

In addition, laws empowering the Attorney General and the Auditor General to monitor the relevant trusts at any time were also passed under the new amendments.

The number of trusts and foundations established by Acts of Parliament during the 7th, 8th, and 9th Parliamentary terms exceeds 500.

However, there has been no formal investigation to date regarding whether the specific objectives of establishing those trusts were met.