Sri Lanka, World Bank discuss cooperation on asset recovery and anti-corruption efforts

Sri Lanka has held discussions with the World Bank on strengthening cooperation in areas related to asset recovery and combating corruption.

The meeting took place yesterday (September 3) at the UN Secretariat in Vienna between the Chairman of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), Justice Neil Iddawala, and World Bank representatives Laura Pop, Neha Maryam Zaigham, and Emile van der Does de Willebois.

According to a statement from the Sri Lankan Embassy and Permanent Mission in Vienna, the talks focused on the effective implementation of Sri Lanka’s Proceeds of Crime Act No. 5 of 2025 (POCA). The Act provides for the tracing, freezing, confiscation, management, and disposal of proceeds of crime, including corruption. The World Bank expressed willingness to explore technical assistance to support the practical enforcement of POCA.

Sri Lanka has previously benefited from the World Bank’s Stolen Asset Recovery (StAR) Initiative, which supported the development of the legal framework on asset declarations, drafting of terms of reference for an electronic asset declaration system, expertise sharing at UNODC workshops, and technical assistance for the Proceeds of Crime Policy.

During the discussions, CIABOC and the World Bank identified possible areas of future cooperation. These include capacity building for investigators and prosecutors, technical tools for asset tracing and management, guidance on electronic platforms, and a long-term partnership to institutionalise asset recovery mechanisms.

This engagement, the statement said, reaffirms Sri Lanka’s commitment to international cooperation in asset recovery and the fight against corruption, with the aim of ensuring illicit gains are returned to the people.

The meeting was held on the sidelines of the Second Resumed Sixteenth Session of the Implementation Review Group of the United Nations Convention against Corruption (UNCAC), currently underway in Vienna. Justice Iddawala is leading the Sri Lankan delegation at the session.