The Sri Lankan government has declared that the assets of those linked to “terrorist” activity will be frozen and seized, both inside and outside of the country, as part of new regulations put in place by the External Affairs Ministry.
A “Competent Authority” will be created to oversee the seizures, appointed by the Foreign Minister G L Peiris and Defence Minister Gotabaya Rajapaksa. The body, once commissioned, will have the authority to freeze and seize all funds, assets and resources of any group deemed to be linked to “terrorists”.
Furthermore, the Sunday Times reported that, if any groups or individuals are based outside of Sri Lanka, the “Competent Authority” would write to the government of the country that they are based in, and request them to serve the notice of seizure.
The regulations extend even further, prohibiting others from notifying any person or group that their assets may be seized and calls on all those with information of such groups to inform the Financial Intelligence Unit.
It is reported that,
These include paying taxes to the Sri Lankan government, compulsory insurance fees, and payments to public utility companies.
A “Competent Authority” will be created to oversee the seizures, appointed by the Foreign Minister G L Peiris and Defence Minister Gotabaya Rajapaksa. The body, once commissioned, will have the authority to freeze and seize all funds, assets and resources of any group deemed to be linked to “terrorists”.
Furthermore, the Sunday Times reported that, if any groups or individuals are based outside of Sri Lanka, the “Competent Authority” would write to the government of the country that they are based in, and request them to serve the notice of seizure.
The regulations extend even further, prohibiting others from notifying any person or group that their assets may be seized and calls on all those with information of such groups to inform the Financial Intelligence Unit.
It is reported that,
“The effect of an order of freezing would mean a prohibition of any move, transfer, alteration, use of or dealing with funds in any way that would result in any change in their volume, amount, location, ownership, possession, character, destination or other change that would enable the funds to be used or dealt with, including portfolio management.”However, the funds can be used for some purposes.
These include paying taxes to the Sri Lankan government, compulsory insurance fees, and payments to public utility companies.
