Recommendations to Improve the Legal Framework in Sri Lanka on Combating Involvement of Convertible Virtual Currencies in Narcotic Drugs and Psychotropic Substances Trafficking

Abstract

Trafficking of illicit drugs and psychotropic substances has become a large problem in the present world due to abusive characteristics, health problems, and transnational crimes. Each state fights against illicit drug trafficking at different levels. Sri Lanka is a state that signed the three international conventions on control of drugs, generally called the 1961,1971, and 1988 Conventions. The country consists of a few different statutes to combat illicit drug trafficking, which includes natural and synthetic drugs. In the present era, traffickers are deviating from traditional drug trafficking methods and are being used new technology to conduct and make trafficking efficient. The scrutiny operates to find out the gaps in the Sri Lankan legal framework for combatting modern technology-based illicit drug trafficking trends in terms of Convertible Virtual Currencies (CVC). Also, the research paper identifies the gaps and makes suggestions to uplift the criminal justice system of Sri Lanka in combatting illicit drugs and their trafficking through convertible virtual currencies/ digital currencies, which would be a severe problem in the near future due to the high-tech drug trafficking. The sources used were mainly the Internet and several reports issued by international legal enforcement authorities against illicit drug trafficking, domestic statutes, and books.