The police Financial Crimes Investigations Division will be replaced by a new Secret Fraud Office, which will have more powers to investigate financial crimes, government sources said.

The new institution will be based on the SFO in Britain. The current FCID is expected to be absorbed into the new organization.

Cabinet Spokesman Rajitha Senaratne recently said that the FCID will be replaced by a more powerful institution created through a Parliamentary Act.

The FCID is mandated to investigate into major financial crimes, frauds, unsolicited mega projects, major financial crimes against public property, money laundering, terrorist financing, illegal financial transactions, unlawful enrichment, and offenses of financial crimes against national security.

The current term of the FCID is to end on June 30.