By: Staff Writer
December 08, Colombo (LNW): Sri Lanka’s government plans to introduce new legislation aimed at combating financial crimes and modernizing its legal framework. Recognizing the need for updated laws in a rapidly evolving financial system, the government is taking proactive measures to align with global regulatory standards.
Justice and National Integration Minister Harshana Nanayakkara announced the government’s intent to present three significant Bills in Parliament early next quarter. These include the Proceeds of Crime Bill, the Rescue, Rehabilitation, and Insolvency Bill, and amendments to the Audit Act.
“These laws are critical for reinforcing the integrity of our financial systems, ensuring economic stability, and promoting fairness for both creditors and debtors,” Nanayakkara stated during an adjournment debate on the President’s policy statement.
The Proceeds of Crime Bill is a key component of this legislative effort, targeting financial and criminal misconduct. It aims to trace and recover stolen assets, deter money laundering, and curb proceeds from drug trafficking and other crimes.
The Rescue, Rehabilitation, and Insolvency Bill seeks to modernize insolvency laws, boost creditor confidence, and protect debtor rights by establishing a framework for financial recovery and business stability.
Meanwhile, amendments to the Audit Act focus on promoting transparency and trust in Sri Lanka’s financial ecosystem.
“These reforms are not only about recovering stolen assets but also about creating deterrents for future financial crimes,” Nanayakkara emphasized, adding that they would bolster economic stability and align the country with global best practices.
The government has long prioritized combating financial crimes, particularly in light of the country’s history of addressing terrorist financing. Over the years, Sri Lanka has implemented measures to strengthen its financial regulations and is now collaborating with the Financial Action Task Force (FATF) to enhance laws and prevent such crimes further.
While significant progress has been made, challenges remain. Ensuring robust financial inclusion at the grassroots level while maintaining global compliance standards is a delicate balance. The government acknowledges the importance of integrating with the global financial architecture to provide accessible finance to all sectors of society.
The proposed Bills are expected to enhance Sri Lanka’s legal arsenal for tackling financial crimes and securing economic justice.
As the government continues to amend existing regulations, it remains focused on building a resilient financial system capable of withstanding evolving challenges. Nanayakkara highlighted that staying ahead of financial crime trends is essential but demanding, requiring ongoing adaptation and vigilance.
By implementing these legislative reforms, Sri Lanka aims to strengthen its legal and economic framework, ensuring a fair and transparent financial system while fostering global trust and economic stability.
