September 04, Colombo (LNW): Justice Neil Iddawala, Chairman of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), has met with senior officials from the World Bank to discuss advancing Sri Lanka’s efforts to combat illicit financial activity and strengthen asset recovery mechanisms.
The meeting took place on the sidelines of the Second Resumed Sixteenth Session of the UNCAC Implementation Review Group, held at the United Nations headquarters in Vienna.
Justice Iddawala is currently heading the Sri Lankan delegation at the session, reaffirming the country’s ongoing commitment to international anti-corruption standards.
A key focus of the discussion was Sri Lanka’s newly enacted Proceeds of Crime Act No. 5 of 2025 (POCA), which grants legal authority to identify, restrain, confiscate, and manage property and assets obtained through unlawful means, including corruption and economic crimes.
The law is seen as a crucial step in closing legal loopholes and bringing Sri Lanka in line with global best practices for financial transparency and accountability.
World Bank officials—Laura Pop, Neha Maryam Zaigham, and Emile van der Does de Willebois—voiced strong interest in supporting the rollout of POCA and offered technical guidance to ensure its effective enforcement. The conversation explored long-term cooperation to enhance institutional capacities and integrate modern technologies into asset management systems.
This meeting builds on Sri Lanka’s previous collaboration with the World Bank through the Stolen Asset Recovery (StAR) Initiative, which has already contributed to the formulation of asset declaration laws, the development of digital tracking tools, and the establishment of regulatory frameworks for asset recovery.
Future areas of partnership discussed during the session included:
* Capacity-building programmes for investigators and legal practitioners
* Introduction of advanced asset tracing tools and analytics
* Implementation of digital platforms to enhance institutional transparency
* Development of sustainable, long-term asset recovery and management frameworks
