Sri Lankan Parliament Approves Landmark Proceeds of Crime Bill

The Sri Lankan Parliament has unanimously passed the Proceeds of Crime bill to combat corruption and fraud. This law enables authorities to track, freeze, and seize unlawful assets. Though supported by opposition, there's caution against potential misuse. It aligns with IMF's recommendations on governance improvements.

In a decisive move against corruption, the Sri Lankan Parliament has unanimously approved the Proceeds of Crime bill, aiming to tackle fraud and misconduct. The legislation provides authorities with the power to track, freeze, and seize assets tied to illegal activities.

Justice Minister Harshana Nanayakkara emphasized the importance of this bill, noting the substantial financial losses due to corruption. He assured that current and former politicians accused of such acts will face strict consequences under the new law.

While the opposition expressed general support, they warned against potential misuse of the legislation for political purposes. The bill is also part of the IMF's recommendations for improving governance and addressing economic vulnerabilities.

(With inputs from agencies.)