IMF pledges support to evolve stolen asset recovery law

• Govt. initiates action 

By Kelum Bandara  

The International Monetary Fund (IMF) has pledged to provide technical assistance to Sri Lanka in developing a law for the recovery of stolen assets, a Minister said yesterday.  

 This assistance is part of broader legal reforms aimed at improving governance in the country. The assurance of support was given by IMF Deputy Managing Director Kenji Okamura during a meeting with Justice Minister Wijeyadasa Rajapakshe.  

 Minister Rajapakshe told Daily Mirror that he appointed a committee headed by Supreme Court Judge Yasantha Kodagoda to make recommendations in the evolution of such a law.  
 He said the committee will study similar laws implemented in other countries to create an effective one for Sri Lanka. The proposed legislation is intended to have retrospective effect, meaning it will apply to past cases of asset theft.  

During the meeting, the IMF official also inquired about legal reforms related to the economic recovery process. State Minister of Finance Shehan Semasinghe, who was also present, said the IMF official was briefed about the anti-corruption bill to be enacted after the determination by the Supreme Court.  
Regarding the controversial Central Bank Bill, Minister Semasinghe stated that it will be enacted based on the changes proposed by the Supreme Court. The IMF official was briefed on the government’s position.  

“The IMF is keen to ensure the independence of the Central Bank from any interference,” he said