Speaker signs proceeds of crime bill into law

The Proceeds of Crime Bill officially became law on April 30, 2025, following the endorsement of the Speaker of Parliament, Jagath Wickramaratne. The newly enacted Proceeds of Crime Act, No. 05 of 2025 marks a significant legislative step in Sri Lanka’s efforts to combat financial crime and strengthen the rule of law.

The Proceeds of Crime Bill officially became law on April 30, 2025, following the endorsement of the Speaker of Parliament, Jagath Wickramaratne. The newly enacted Proceeds of Crime Act, No. 05 of 2025 marks a significant legislative step in Sri Lanka’s efforts to combat financial crime and strengthen the rule of law.

The Bill was first introduced to Parliament for its First Reading on March 1, 2025. It then proceeded to the Second Reading on April 8, 2025, where it was debated and reviewed. The legislation moved swiftly through the Committee Stage and was passed without any amendments or division during the Third Reading, demonstrating strong bipartisan support.

The Act is expected to play a vital role in enhancing mechanisms to identify, trace, and recover assets derived from criminal activities. Legal experts say the legislation aligns with international standards on anti-money laundering and asset recovery.

Government sources have stated that the enactment of the Proceeds of Crime Act will pave the way for more effective prosecution of financial crimes and ensure that the proceeds of unlawful conduct do not remain beyond the reach of justice.