Sri Lanka freezes assets of 88 individuals linked to crime and financial fraud

The Sri Lanka Police have frozen the assets of 88 individuals suspected of involvement in organized crime and financial fraud.

This includes 26 suspects connected to organized crime and drug trafficking. The remaining individuals are under investigation under the Prevention of Money Laundering Act.

The frozen assets include land, houses, bank accounts, vehicles, jewellery, business premises, and paddy fields.

Authorities say this is part of a broader effort to crack down on the illegal accumulation of wealth in the country.

This move follows a series of legal actions taken in recent months.

Between December 2024 and January 2025, law enforcement seized criminal assets worth approximately USD 22.4 million, with USD 15.25 million directly linked to drug traffickers.

In May, the government issued an extraordinary gazette to freeze the assets of terrorist organizations and individuals. The directive, signed by Defence Secretary Air Vice Marshal Sampath Thuyacontha (Retired), targets the bank accounts and properties of 15 organizations and 117 individuals.

Police have identified at least 58 organized crime syndicates, many of which are believed to be operated by individuals based overseas.

The recent passing of a new anti-money laundering law by Parliament has granted greater powers to law enforcement agencies, including the Criminal Investigation Department (CID) and the Financial Crimes Investigation Division (FCID), to track and recover illegal assets.

Investigations are ongoing to identify the origins of the frozen wealth and to pursue further legal action.