Friday, 02 May 2025
Mangala to meet World Bank’s StAR unit to recover plundered wealth

Mangala to meet World Bank’s StAR unit to recover plundered wealth Featured

Minister of Foreign Affairs Mangala Samaraweera is preparing to meet officials of the World Bank’s Stolen Asset Recovery Unit (StAR) in the US capital of Washington, in a bid to trace assets which are said to be stashed in foreign banks after being stolen during the UPFA regime.

He is to be joined by eminent lawyer J.C. Weliamuna of Transparency International Sri Lanka.

The minister, together with Mr. Weliamuna are to meet StAR officials and place before them preliminary details of persons whose stashed-away assets the National Unity Government is seeking.

The World Bank’s Stolen Assets Recovery Unit (StAR) is an initiative of the World Bank Group and the United Nations Office on Drugs and Crime (UNODC). It supports international efforts to end safe havens for corrupt funds. StAR works with developing countries and financial centres to prevent the laundering of the proceeds of corruption and to facilitate the return of stolen assets.

According to the World Bank, politicians and officials of developing countries stash stolen assets amounting to US$ 20 billion - US$ 40 billion in foreign banks every year.

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