Recovering Stolen Assets: Sri Lanka’s Proceeds of Crime Act

In this video, Dhananath Fernando and Nethmi Jinadasa discuss economic corruption in Sri Lanka, explaining how the 2022 crisis was influenced by governance issues and how corruption impacts daily life, exemplified by the immunoglobulin drug case. They detail the new Proceeds of Crime Act, which aims to recover stolen assets through new entities like the PCID and PCMA, allows non-conviction based forfeiture, and establishes a Victims of Crime Reparation Trust Fund. While the Act supports international cooperation, Nethmi Jinadasa highlights remaining gaps such as the lack of a beneficial ownership registry, conflict of interest registry, and a publicly accessible asset declaration system, concluding with a call for public vigilance and reporting of corruption.