Prevention of Money Laundering (Amendment) Act 2011 · As enacted
3. Amendment of section 3 of the principal enactment
Official English translation. The Sinhala text prevails.
Official translationFrom Department of Government Printing, unchanged
Section 3 of the principal enactment is hereby amended as follows:—
in subsection (1) thereof by the repeal of all the words from “knowing or having reason” to the end of that subsection and the substitution therefor of the following:—
“knowing or having reason to believe that such property is derived or realized, directly or indirectly from any unlawful activity, or from the proceeds of any unlawful activity shall be guilty of the offence of money laundering and shall on conviction after trial before the High
Court be liable to a fine which shall be not less than the value of the property in respect of which the offence is committed and not more than three times the value of such property, or to rigorous imprisonment for a period of not less than five years and not exceeding twenty years, or to both such fine and imprisonment.”;
by the insertion immediately after subsection (1)
thereof of the following new subsection:—
“(1A) The assets of any person found guilty of the offence of money laundering under this section shall be liable to forfeiture in terms of
Part II of this Act.”;
in subsection (3) thereof by the substitution for the words “for the commission by the accused of the unlawful activity” of the words “for the commission of the unlawful activity”.