Speaker endorses Proceeds of Crime Bill

Saturday, 3 May 2025 00:48 - - {{hitsCtrl.values.hits}}

Speaker Dr.Jagath Wickramaratne

Speaker of the House Dr. Jagath Wickramaratne on Wednesday endorsed the certificate on the Proceeds of Crime Bill in Parliament.

The Bill was presented to Parliament for the First Reading on 1 March.

The debate on the Second Reading of the Proceeds of Crime Bill was held on 8 April, and following the Second Reading debate, the Bill was considered at the Committee Stage. Thereafter, the Bill was passed in Parliament without a division and without amendments, following the Third Reading.

Accordingly, this Bill shall be known as the Proceeds of Crime Act, No. 05 of 2025.

The Proceeds of Crime Bill aims to combat financial crime by addressing gaps in the legal system that allow criminals to retain control over illicitly obtained assets.

The Bill empowers authorities to trace, freeze, and seize property linked to unlawful activities while establishing mechanisms for their management and eventual disposal.

Key features of the Bill include the establishment of designated officers and investigation teams tasked with identifying proceeds of crime, utilising advanced investigative methods such as forensic audits and digital analysis.