News & Articles
BRINGING LOCAL PERSPECTIVES TO GLOBAL KNOWLEDGE
Guidelines on Non-Compete Clauses by the Ministry of Manpower (MOM)
In collaboration with tripartite partners such as the National Trades Union Congress and Singapore National Employers Federation, MOM is developing a set of guidelines on the reasonable use of non-compete or restraint of trade clauses in employment contracts – which...
LIBERALIZATION OF FOREIGN EXCHANGE RESTRICTIONS IN SRI LANKA
The Central Bank of Sri Lanka on 2nd April 2020, and following that, time to time, took measures to restrict outward remittances with the view of preserving foreign currency in Sri Lanka. By way of Extra Ordinary Gazette No. 2338/40 dated 28th June 2023, the...
MINISTRY OF MANPOWER UPDATES ON THE EMPLOYMENT PASS
The Ministry of Manpower (MoM) has taken measures to strengthen the quality of the Employment Pass (EP) holders and their complementarity to the domestic workforce. With this view, there are new revisions introduced to EP. This initiative is of two folds, and...
Special Foreign Currency Account for investee in Sri Lanka
As per the Direction No.1 of 2023 dated 27th February 2023 issued by the Department of Foreign Exchange, Sri Lanka, Authorized Dealers are issued with directions in respect of Special Foreign Currency Accounts for investees to facilitate Current Transactions (SFCA -...
Interim report on recommendations for workplace fairness legislation released by the Tripartite Committee on Workplace Fairness
Background A recent survey by the Ministry of Manpower (“MOM”) found job applicants who experienced discrimination during their job search had fallen from 43% in 2018 to 25% in 2021. However, there was still cause for concern amongst employers and jobseekers alike in...
Tax Clearance Certificate in Sri Lanka
The Inland Revenue Department of Sri Lanka ("IRD") by way of Circular No. SEC/2022/E/06 dated 23rd December 2022 (“Circular”) has updated the instructions pertinent to the requirement of obtaining a Tax Clearance Certificate ("Certificate") for foreign outward...
OVERVIEW OF THE SFCA – SHORT TERM LOAN FACILITY INTRODUCED IN SRI LANKA
As per the Direction No.1 of 2023 dated 27th February 2023 issued by the Department of Foreign Exchange, Sri Lanka, Authorized Dealers are issued with directions in respect of Special Foreign Currency Accounts for investees to facilitate Current Transactions (SFCA -...
Monetary Authority of Singapore issues Consultation Paper on measures to reduce risks for consumers engaging in cryptocurrency trading
Background On 26 October 2002, the Monetary Authority of Singapore (“MAS”), Singapore’s Financial Services Regulator and Central Bank, issued a Consultation Paper on “Proposed Regulatory Measures for Digital Payment Token Services” (“Consultation Paper”). MAS is of...
Establishment of Licensing Framework for Cybersecurity Services Providers
BackgroundThe Cybersecurity Agency of Singapore (“the Agency”), which is the government entity charged with protecting Singapore’s Cyberspace environment, has put in place a licensing framework for Cybersecurity Service Providers (“CSPs”) which came into effect on 11...