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Legal and Regulatory Reforms in Sri Lanka, Legal and Regulatory Framework in Sri Lanka
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Legal and Regulatory Reforms in Sri Lanka

The modernization of the country’s legal and regulatory framework is essential for the promotion of the business environment and to reduce the transaction costs of business operations. The Government in Sri Lanka places a significant emphasis on commercial law reforms and capacity building in the judicial and legal profession through specialized training, modernization of physical infrastructure and technology to improve efficiency and quality of judicial and legal services.
Commercial and financial statutes will be reviewed and new legislation addressing institutional aspects and their transactions will be introduced. The efficiency of the adjudication system will be improved to reduce delay in completion of legal suits. The government believes, the increasing criminalization of society has to be reversed. Stronger law enforcement is necessary in order to ensure social justice. Alleged violations of human rights by individuals or groups require speedy investigation and remedial action.
The legal system will be geared to making justice accessible to all, regardless of class, language or faith. Existing legislation will be revised to promote legal equity, while improving Sri Lanka’s competitiveness, attracting private investment and protecting and promoting citizen’s rights. The legal system and procedures need to be simplified to expedite the settlement of civil suits and criminal investigations, provide alternative dispute resolution mechanisms and protect the innocent and the vulnerable. The government proposes to modernize the penal system and modern commercial laws to promote private sector oriented growth would be introduced.
An effective governance structure is critical for economic and social progress and sound development management. Improving the quality of governance makes institutions less corrupt, more transparent and accountable to ordinary people. The strengthening of appropriate mechanisms and their institutionalization are essential not only to realize economic goals but also to ensure social justice and socio-political stability.

Last Updated on: 19-05-2010

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