This review of Sri Lanka’s Regulation of Election Expenditure Act No. 3 of 2023 was conducted to assess its effectiveness, compliance with international standards, and identify avenues for strengthening the country’s campaign finance framework. The review aims to support a wide range of stakeholders including civil society organizations, policymakers, and key government institutions such as the Election Commission, Inland Revenue Department, and Auditor General’s Department, in promoting greater transparency, accountability, and enforcement. By examining the legal, institutional, and practical dimensions of the Act, the review offers recommendations to enhance the legislation and its implementation, as well as to ensure that candidates, political parties, and donors comply with disclosure requirements and spending limits, thereby fostering a more equitable and transparent electoral process.