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The Ministry of National Policies and Economic Affairs last week said that the Cabinet Committee on Economic Management (CCEM) decided to engage the services of Yuvanjan Wijeyatilake, former Attorney General to draft new laws and to revise existing laws relating to the proposed Financial City.

“The services of Baker and McKenzie one of the leading global law firms, specialising in financial-commercial Tax laws have been retained to advise the Government in regard to the legal implications of the different financial models. i.e. Ireland, the UK, Channel Islands, Dubai and Hong Kong.  The firm is also advising the government on the Indonesian tax laws and other similar laws,” the ministry said in a statement adding that this task will be handled by Baker & McKenzie office in Hong Kong.

The ministry also noted that another project undertaken by the government is the establishment of a Central Programme Management Unit based on the PEMANDU (Performance and Management Delivery Unit) in the Malaysian Prime Minister’s Office. For this purpose, the Government has entered into an agreement with McKinsey and Company (Malaysian Office) the well known global Management Consultancy firm.
“This Malaysian Office team which has first hand knowledge of the PEMANDU will assist the Government in setting up of the Central Programme Management Unit in Colombo. McKinsey is not a legal firm and it has no connection with Baker & McKenzie,” the statement by the Ministry noted.