Govt. eyes criminal asset recovery law by April under IMF program

ECONOMYNEXT –Sri Lanka is expecting to pass a “proceeds of crime” law by April 2024 in line with according to an action plan giving effect to recommendation in a corruption diagnostic report by the International Monetary Fund.

The asset recovery law will be in line with a United Nations Convention against Corruption and the international Financial Action Task Force, the statement said.

A key aspect of the Convention is the inclusion of a specific chapter on asset recovery, aimed at returning assets to their rightful owners, including countries from which they had been taken illicitly, according to the UN.

According to the statement:

• A Report of the Committee to develop the Policy and Legal Frameworkof the proposed Law on Proceeds of Crime will be submitted by end February

• Preparation of Final Draft by the Legal Draftsman by mid-March

• Issuance of Certificate of Constitutionality for the Final Draft by end March

• Submission for Cabinet approval and gazetting by end-March

• Presenting the Bill for Parliamentary approval by April

The IMF’s governance diagnostic assessment recommended a series of actions and the publication of the action plan is a structural benchmark of the IMF program.