News
Govt. presents Proceeds of Crime Bill, conforming with IMF governance diagnostic assessment
View(s):The Government presented a Bill to Parliament yesterday to strengthen the legal mechanisms for the recovery of proceeds of crime.
The Proceeds of Crime bill, which is compatible with contemporary international norms and best practices, was presented to Parliament by Prime Minister Harini Amarasuirya.
The Bill is aligned with the recommendations made in the technical assistance report based on a governance diagnostic assessment of Sri Lanka by the International Monetary Fund (IMF).
The IMF report released in 2023 underscored the need for a comprehensive proceeds of crime legislation as there is still a lack of successful corruption-related money laundering investigations, prosecutions, and convictions, which could help deter and mitigate the laundering of the proceeds of corruption in the country.
The Bill provides for the recovery of proceeds of crime, related investigations and forfeiture as well as the establishment of proceeds of crime management authority, inter-agency cooperation and international collaboration.
It provides for Sri Lankan authorities to cooperate with law enforcement, administrative and judicial authorities of other countries with regard to proceeds of crime located both within and outside Sri Lanka.
The Bill also gives effect to Sri Lanka’s obligations under the United Nations Convention Against Corruption, the United Nations Convention Against Transnational Organised Crime, and the United Nations Convention Against the Illicit Trafficking in Narcotic Drugs and Psychotropic Substance.
(Plese see Political Commentary on pages 12 – 13 )
The best way to say that you found the home of your dreams is by finding it on Hitad.lk. We have listings for apartments for sale or rent in Sri Lanka, no matter what locale you're looking for! Whether you live in Colombo, Galle, Kandy, Matara, Jaffna and more - we've got them all!