Sri Lanka passes Proceeds of Crime Bill to crack down on unlawful wealth

The Parliament of Sri Lanka today (April 8) passed the Proceeds of Crime Bill without amendments and without a division, following its third reading.

The bill, which aims to strengthen measures against illicitly acquired wealth, was taken up for its second reading debate earlier in the day before proceeding to the committee stage.

Initially presented to Parliament on March 1, 2025, the bill outlines clear procedures for the confiscation of assets obtained through fraud or other unlawful means.

Deputy Minister of Industry and Entrepreneurship Development, Chathuranga Abeysinghe, commented on the development via Facebook, stating:

“If you cannot prove how you acquired your assets, those assets can be confiscated. These are procedures for confiscating assets acquired through fraud or other unlawful means. Those who became rich solely because of politics will suffer. The law has been passed without a referendum.”

The passage of the bill is expected to have wide-reaching implications for individuals who cannot legally justify the source of their wealth, particularly those whose fortunes are politically driven.