Justice Minister announces landmark Bills to combat financial crimes

Thursday, 5 December 2024 01:39 - - {{hitsCtrl.values.hits}}

Govt. to present Proceeds of Crime Bill, Rescue, Rehabilitation, and Insolvency Bill and amendments to the Audit Act next year
Minister describes proposed Bills as essential to boosting economic stability, ensuring fairness for creditors and debtors
Highlights Govt.’s commitment to addressing financial crimes and recovering illicit assets

Justice and National Integration Minister Harshana Nanayakkara

Justice and National Integration Minister Harshana Nanayakkara has announced the Government’s intention to present three crucial Bills in Parliament at the beginning of the next quarter.

Speaking in Parliament yesterday, the Minister detailed plans for the introduction of the Proceeds of Crime Bill, the Rescue, Rehabilitation, and Insolvency Bill, and amendments to the Audit Act.

“These legislations are integral to reinforcing the integrity of our financial systems, supporting economic stability, and ensuring both creditors and debtors are treated fairly,” Minister Nanayakkara said during the adjournment debate on the President’s policy statement.

The proposed Bills are designed to address critical issues in Sri Lanka’s legal and economic systems, with a strong emphasis on combatting financial and criminal misconduct.

The Proceeds of Crime Bill, in particular, will focus on tracing and recovering stolen assets, deterring money laundering, and curbing the proceeds of drug trafficking and other criminal activities.

The Rescue, Rehabilitation, and Insolvency Bill aims to modernise insolvency laws, enhance creditor confidence, and safeguard the rights of debtors, providing a robust framework for financial recovery and business stability.

Meanwhile, the amendments to the Audit Act will work towards building trust in Sri Lanka’s financial ecosystem by promoting transparency and ensuring equitable treatment of all stakeholders.

“These laws represent significant steps toward strengthening Sri Lanka’s legal and economic framework. They are not just about recovering stolen assets but also about creating deterrents for future financial crimes,” the Minister explained.

Minister Nanayakkara emphasised the broader impact of these reforms, highlighting their role in supporting Sri Lanka’s economic stability and integrity. “The Government is taking concrete steps to ensure that our financial systems are resilient, fair, and aligned with global best practices,” he said.

The Bills, once enacted, are expected to significantly enhance the legal tools available to authorities for tackling financial crimes and securing economic justice.