Sri Lanka, Aug. 17 -- A new Cooperatives Act aimed at strengthening the cooperative movement, closing legal loopholes and protecting the funds deposited by the public is expected to be introduced soon.A special two-day workshop with representatives from all Provincial Councils, aimed at preparing the new legislation, commenced in Colombo.

Speaking at the opening session, Minister of Trade, Commerce, Food Security and Cooperative Development Wasantha Samarasinghe said the existing Cooperatives Act contains legal shortcomings that need to be addressed to build a stronger and more transparent cooperative movement.

He said the new Act would seek to prevent fraud and other illegal activities carried out by exploiting loopholes in the existi...