The newly drafted Proceeds of Crime Act (POCA), approved by the Cabinet, will enable judicial custody and the confiscation of crime proceeds, and it will establish an authority to manage such seized assets.
It is reported that the government plans to present this new law to Parliament next month and aims for its passage.
The new Act seeks to introduce provisions for tracing and confiscating stolen property, which are absent in the current law. Under the existing legal framework, confiscation of ill-gotten gains is not possible without a legal conviction.
Additionally, the Act will facilitate the location of property hidden abroad and enhance cooperation with international agencies for this purpose.
This initiative is also part of Sri Lanka’s agreement with the International Monetary Fund.
