Government to initiate drive for stolen asset recovery

Colombo, November 21 (Daily Mirror) - The government is to initiate action for the establishment of a mechanism for stolen asset recovery in keeping with the Stolen Asset Recovery Initiative (StAR Initiative) and fresh measures for probing into corruption and frauds as promised in the election manifesto, Public Security Minister Ananda Wijepala said yesterday.

The Minister told Daily Mirror that the enactment of fresh legislation is needed in the establishment of a mechanism to recover stolen assets , and the government will consider it in the future in keeping with the mandate given by people at the last elections.

Asked whether the Financial Crimes Investigation Division (FCID) which was in operation during the time of the Yahalapana government will be revived, he said it currently operates under the Criminal Investigation Department (CID) but not as a separate entity. He said its work will continue.

“Some of the initiatives in dealing with corruption and frauds can be taken in conformity with the existing laws. The other mechanism such as a special investigative agency for stolen asset recovery should be taken only by enacting new legislations. The government will initiate action in this direction for sure,” he said.

Rooting out corruption and fraud is a main campaign theme of the ruling National People’s Power (NPP).

The United Nations Convention against Corruption (UNCAC) and the Financial Action Task Force (FATF) set global standards for anti-money laundering policies and asset recovery efforts. The UN Office on Drugs and Crime (UNODC) and the World Bank's Stolen Asset Recovery Initiative (StAR) support international efforts to recover stolen assets.