Jun 17, 2022

Money Laundering Act to be amended Featured

The Justice Ministry has begun initial talks to amend the Money Laundering Act.

The meeting was held yesterday under the patronage of Minister of Justice and Prison Affairs Wijeyadasa Rajapakshe.

Talks focused on action to be taken when dealing with vehicles, houses, land and other assets purchased via money obtained through illegal means.

The Justice Ministry communicated that it was decided to amend the Money Laundering Act to deal with confiscated assets, while also expediting investigations to probe the purchase of assets using laundered money.

Speaking during the meeting, the Justice Minister said he has taken steps to appoint a committee and sell off such assets if they are not cleared within three months.

He added that the committee will open a bank account under the name of the case, and will debit the funds to the respective account, which could be used according to the final verdict at a later date when the case concludes.

Minister Wijeyadasa Rajapakshe said the committee is due to table an initial report within one month, on amendments to be made to the Money Laundering Act.