Sri Lanka to introduce bills on preventing financial crimes

Colombo: Sri Lankan Justice Minister Harshana Nanayakkara told Parliament on Wednesday that three crucial bills aimed at recovering stolen assets, deterring financial crimes, and safeguarding the rights of creditors and debtors will be introduced to Parliament next year.

The bills, which include the Proceeds of Crime Bill, the Rescue, Rehabilitation and Insolvency Bill, and amendments to the Audit Act, are set to be presented early next quarter, Xinhua news agency reported.

These three legislations, he said, will enhance the country's ability to trace and recover stolen assets, while also reinforcing measures to prevent financial crimes.

Additionally, the proposed amendments to the Audit Act aim to boost creditor confidence and provide better protection for debtors' rights, ensuring a fairer and more transparent financial system.

"These legislations are integral to reinforcing the integrity of our financial systems, supporting economic stability, and ensuring that both creditors and debtors are treated fairly," Minister Nanayakkara said.

He said the government is taking significant steps toward strengthening Sri Lanka's legal and economic frameworks in the coming year.