124. Value based forfeiture

has not been traced or specifically identified notwithstanding diligent attempts to identify and trace such property;

has been destroyed, decayed or become worthless;

has been substantially altered;

has been sold;

has got intermingled with other property and is therefore not possible or difficult to be separated;

has been transferred outside Sri Lanka;

has been otherwise subjected to money laundering;

has been used by a convict or such other person and is therefore no longer available;

has undergone change due to whatsoever reason and hence its value has diminished to an insignificant amount or has lost its original utility or commercial value;

has assumed the form of a benefit, a gain, a service or an advantage which is measurable monetarily;

has not been seized or frozen due to such action having the potential of causing a significant impact on the national economy, or adverse impact on the interests of a bona-fide third party;

is available in a place outside the jurisdiction of the Democratic Socialist Republic of Sri Lanka, the Attorney-General may make an application to court -

for an order for the convicted accused to pay a sum of money as determined to be the value of the proceeds of crime called substituted money forfeiture; or

for an order for the forfeiture of a property of the convicted accused which is of comparable monetary value called substituted property forfeiture.

When determining the value of the property to be subjected to an order of substituted property forfeiture and the monetary value of the substituted money forfeiture, the Court may take into account the appreciation or the fluctuation of the value of the original proceeds of crime due to the passage of time and the potential of such proceeds of crime being used for investment or business purposes.

For such purpose, the Attorney-General shall be required to identify the property of the convicted accused which may be subjected to such forfeiture.