Sri Lanka - April 2025

On 8 April, Sri Lanka’s parliament approved the long-awaited Proceeds of Crime Act, aimed at recovering stolen assets for public benefit. The law introduces processes for identifying, freezing and seizing illicit assets, even for those without criminal convictions. While allowing for the prosecution of high-profile politicians from previous administrations, the law’s primary focus is on asset recovery rather than prosecution. Transparency experts praised the bill as a significant step in the country’s anti-corruption efforts, filling a legal gap and empowering authorities to target illicit enrichment, bribery, and money laundering. Legal experts also stressed the importance of judicial oversight, safeguards and whistleblower protections in ensuring the Act’s effective implementation. Initially proposed years ago but delayed for political reasons, the bill’s drafting process also exposed the need for public consultation in the early stages of future lawmaking processes.  

Sources: Economy Next, Transparency International, Daily FT