Sri Lanka Set to Introduce Legislation Against Financial Crimes

Colombo, Dec 4 (NationPress) The Justice Minister of Sri Lanka, Harshana Nanayakkara, announced to Parliament on Wednesday that three essential bills are slated for introduction next year. These bills are designed to recover stolen assets, deter financial crimes, and protect the rights of both creditors and debtors.

The proposed legislation includes the Proceeds of Crime Bill, the Rescue, Rehabilitation and Insolvency Bill, along with amendments to the Audit Act. They are expected to be presented in the early part of the next quarter, as reported by Xinhua news agency.

According to Minister Nanayakkara, these legislative measures will significantly improve the nation's capacity to trace and recover stolen assets, while also strengthening preventive measures against financial crimes.

Furthermore, the amendments to the Audit Act are intended to enhance creditor confidence and ensure better protection for the rights of debtors, fostering a more equitable and transparent financial environment.

Minister Nanayakkara emphasized, "These legislations are vital for reinforcing the integrity of our financial systems, supporting economic stability, and guaranteeing fair treatment for both creditors and debtors." He indicated that the government is making notable strides in fortifying Sri Lanka's legal and economic structures in the forthcoming year.