TISL welcomes passage of Proceeds of Crime Act

The Proceeds of Crime Act’s introduction of non-conviction based asset forfeiture would strengthen Lanka’s legal tools for recovering illicit assets, including those held abroad, Transparency International Sri Lanka (TISL) said in a statement.

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It welcomed the passage of the Proceeds of Crime Act, which was approved by Parliament on 08 April 2025. This is a landmark development in Sri Lanka’s anti-corruption and asset recovery framework, filling a long-standing legal gap and introducing powerful tools to combat illicit enrichment and the flow of black money.

TISL commends the work of the drafting committee for navigating the complexity of this legislation, which is designed to ensure that stolen assets are recovered and redirected for public benefit.

The new law introduces mechanisms for identifying, freezing, seizing, and confiscating the proceeds of crime, including in cases where a criminal conviction may not be possible. Notably, it provides for non-conviction-based forfeiture, a shift in the burden of proof in specific proceedings, and robust channels for international cooperation in tracing assets hidden across borders.