News Today: Sri Lanka’s Stolen Asset Recovery Mechanism to Align with Global Standards

The government of Sri Lanka has announced plans to establish a stolen asset recovery mechanism, aligning with global standards outlined in the Stolen Asset Recovery Initiative (STAR Initiative). Public Security Minister Ananda Wijepala highlighted the importance of enacting new legislation to support these efforts, which align with the promises in the election manifesto.

Minister Wijepala stated that while certain anti-corruption measures can proceed under existing laws, developing a dedicated investigative agency for asset recovery will require fresh legislative action. The Financial Crimes Investigation Division (FCID), currently under the CID, will also be revitalized to tackle corruption effectively.

The ruling National People’s Power (NPP) stressed its commitment to rooting out corruption as a priority. International frameworks such as the United Nations Convention against Corruption (UNCAC) and standards from the Financial Action Task Force (FATF) will guide the government in creating this mechanism. Additionally, organizations like the UNODC and the World Bank’s STAR Initiative will play a pivotal role in supporting these efforts.