Vernon Manilal Fernando has been handed the suspension after being found guilty of "several breaches" of the governing body's ethics code on Tuesday
Fernando was suspended in March as part of an internal investigation into the alleged misuse of Asian Football Confederation accounts, led by American solicitor Michael J. Garcia and Hans-Joachim Eckert, chairman of the adjudicatory chamber of the Ethics Committee.
The Sri Lankan has now been found guilty of "several breaches" of Fifa's ethics code following the investigation and will now be suspended from all football-related activity until March 11 2021.
A statement on Fifa's official website on Tuesday read: "The adjudicatory chamber of the FifaEthics Committee, chaired by Hans-Joachim Eckert, has decided to ban Fifa Executive Committee member Vernon Manilal Fernando from taking part in any kind of football-related activity at national and international level for a period of eight years after he was found guilty of several breaches of the Fifa Code of Ethics.
"The decision was reached following two days of hearings held on 29 and 30 April at Fifa’s headquarters in Zurich."
The news comes after honorary president Joao Havelange resigned from his position on Tuesday after being named in a report as one of three Fifa officials to have accepted bribes.
Havelange, along with former executive committee members Ricardo Teixeira and Nicolas Leoz, were identified in a report produced by Eckert as having accepted payments made by collapsed marketing company International Sports and Leisure (ISL) between 1992 and 2000.