Sri Lanka mulling over laws to confiscate drug peddler assets at time of arrest
ECONOMYNEXT – Sri Lanka is contemplating amendments to the Prevention of Money Laundering Act and the Financial Transaction Reporting Act in a bid to confiscate illegal assets of arrested drug peddlers at the time of arrest itself.
A statement from the Prime Minister’s office said today that the matter was taken up at a high level meeting between Prime Minister Mahinda Rajapaksa and senior officials of a number of government departments including the police, the Central Bank and the Attorney General’s Department yesterday.
According to the statement, a decision was reached to expedite the use of existing provisions in the two acts and amend them as necessary for the immediate confiscation of illegally acquired assets of drug peddlers as they are being taken into custody.
The objective of this exercise, according to the PM’s office, is to stop the continued use of unlawfully obtained cash, vehicles, land, residences and buildings in further illegal activities even after an arrest is made and before such assets are formally confiscated at the end of a court hearing as is the standard practice. (Colombo/Sep15/2020)