Sri Lanka, World Bank Unite to Track and Recover Stolen Assets

COLOMBO (News 1st); Justice Neil Iddawala, Chairman of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), met with senior representatives of the World Bank at the UN Secretariat in Vienna. 

The meeting took place on the sidelines of the Second Resumed Sixteenth Session of the UNCAC Implementation Review Group.

The discussions centered on the Proceeds of Crime Act No. 5 of 2025 (POCA)—a landmark law that empowers Sri Lankan authorities to trace, freeze, confiscate, manage, and dispose of assets acquired through criminal activity, including corruption.

Representatives Laura Pop, Neha Maryam Zaigham, and Emile van der Does de Willebois of the World Bank expressed strong interest in supporting the effective implementation of POCA, offering avenues for technical assistance and long-term collaboration.

Sri Lanka has previously benefited from the World Bank’s Stolen Asset Recovery (StAR) Initiative, which supported the development of asset declaration laws, electronic systems for asset tracking, and policy frameworks for proceeds of crime.

Looking ahead, CIABOC and the World Bank explored potential areas of cooperation, including:

Capacity building for investigators and prosecutors
Advanced tools for asset tracing and management
Digital platforms for transparency and enforcement
Institutionalizing asset recovery mechanisms for long-term sustainability

This engagement underscores Sri Lanka’s commitment to international cooperation, transparency, and the rule of law in its fight against corruption.

Justice Iddawala is leading the Sri Lankan delegation at the UNCAC session, reinforcing the country’s active role in global anti-corruption efforts.