Money Laundering Act to be amended to deal with confiscated assets | Daily News

Money Laundering Act to be amended to deal with confiscated assets

The Ministry of Justice has focused on expediting investigations into properties purchased with ill-gotten gains, Justice Minister Wijeyadasa Rajapakshe said.

It was also decided to amend the Money Laundering Act to deal with confiscated assets.

The Ministry has initiated discussions aiming at brining amendments to the Money Laundering Act under the patronage of Minister of Justice and Prison Affairs Wijeyadasa Rajapakshe.

Minister Rajapakshe stated that steps have been taken to appoint a Committee and sell off such assets if they are not cleared within three months.

He also stressed that the Committee will open a separate bank account under the name of the relevant case and will debit the funds to those bank accounts respectively, which could be used according to the final judgement at a later date when the case concludes.

“The Committee is due to submit a report on the relevant laws within a month,” the Minister said.


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