Money Laundering Act to be amended

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The Justice Ministry has begun discussions regarding the amendment of the Money Laundering  Act.

The meeting was held yesterday (16) under the patronage of Minister of Justice and Prison Affairs Wijeyadasa Rajapakshe.

The action to be taken when dealing with vehicles, houses, land and other assets purchased via money earned by illegal means was discussed at the meeting.

The Justice Ministry said the Act must be amended to deal with confiscated assets while also expediting investigations to inquire about the purchase of assets using laundered money.

Steps have been taken to appoint a committee and sell off such assets if they are not cleared within three months, the Justice Minister said.

A bank account will be opened under the name of the case and the funds will be credited to the said account, which could be used according to the final verdict at a later date when the case is completed.

Justice Minister Wijeyadasa Rajapakshe further said Minister Wijeyadasa Rajapakshe said the committee is due to submit an initial report within one month on the amendments to be made to the Act.