Anti-Corruption Act No. 9 of 2023: Combating Money Laundering in Sri Lanka

In a significant legislative advancement, Sri Lanka enacted the Anti-Corruption Act No. 9 of 2023 to intensify efforts against bribery, corruption, and related offenses. This act includes specific provisions targeting money laundering:

Purpose and Objectives

The Anti-Corruption Act aims to prevent and eradicate corruption, enhance transparency in governance, strengthen integrity, and increase accountability. It establishes an Independent Commission responsible for detecting and investigating allegations of bribery, corruption, and offenses related to the declaration of assets and liabilities. This Commission is empowered to conduct preliminary inquiries, investigations, and prosecutions, thereby boosting public confidence in governance and encouraging public participation in anti-corruption efforts.

Money Laundering Provisions

The act integrates seamlessly with existing legislation, including the PMLA. Article 41(b) of the act allows for the simultaneous charging of offenses under the PMLA and the Anti-Corruption Act if they occur within the same transaction. Moreover, the Bribery Commission, established by the act, includes a specialized Money Laundering Branch to focus specifically on combating money laundering.