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As enacted
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Part II · Freezing and Forfeiture of Assets in Relation to the Offence of Money Laundering

13. Forfeiture of property in relation to which offence of money laundering has been committed

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

Where a person is convicted of the offence of money laundering, the Court convicting such person shall, subject to the provision of subsections (2) make Order that any movable or immovable property of such person derived or realised, directly or indirectly from any unlawful activity, be forfeited to the State free from all encumbrances.

Prevention of Money Laundering

(2)

In determining whether an Order of forfeiture should be made under subsection (1), the Court shall be entitled to take into consideration the fact whether such an Order is likely to prejudice the rights of a bona fide purchaser for value or any other person who has acquired, for value, a bona fide interest in such property.

(3)

An Order made under subsection (1) shall take effect—

(a)

where an appeal has been preferred to the Court of

Appeal or the Supreme Court against the Order of forfeiture, upon the determination of such appeal confirming or upholding the Order of Forfeiture;

(b)

where no appeal has been preferred to the Court of

Appeal against the Order of Forfeiture within the period allowed therefor, after the expiration of the period within which an appeal may be preferred to the Court of Appeal, against such Order of Forfeiture.

(4)

For the purposes of subsection (1), the Court making the Order of Forfeiture may presume that any movable or immovable property belonging to the person convicted of the offence of money laundering, is derived or realised, directly or indirectly from any unlawful activity if such property is not commensurate with the known sources of income of such person, and the holding of which cannot be explained on a balance of probabilities, to the satisfaction of the Court.

Read on from s 14

Part III

General

Read on from Part III

Part IV

Provisions Relating to Extradition and Mutual Assistance in Relation to the Offence of Money Laundering

Read on from Part IV