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Home Business & Finance Economic Policies

Sri Lanka shares up 49-pct in 2024, stock values rise Rs1.4 trillion todayheadline

December 31, 2024
in Economic Policies
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ECONOMYNEXT – Sri Lanka President Anura Kumara Dissanayake’s proposal to appoint a committee to look for amendments in the island nation’s Anti-Corruption Act passed in 2023 by the previous government over legal ad technical loopholes when carrying out investigations.

The Anti-Corruption Act, which was passed in mid 2023, was expected to help Sri Lanka rank higher in global transparency and ease-of-doing business indices.

However, the new government has found some loopholes which have been delaying investigation process by the country’s independent anti-graft body.

With the new Anti-Corruption Act coming into force, the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has encountered significant legal interpretations and technical problems in carrying out investigations, prosecutions, and administrative and judicial activities in accordance with the Act, the government said in an official document.

“Therefore, the Bribery or Corruption Allegation Commission (CIABOC) has proposed to amend certain sections and to introduce new sections to the said Act,” the government said.

“Accordingly, the Cabinet of Ministers has approved the proposal presented by… the President, to appoint a committee comprising senior officers of the Ministry of National Integration, the Department of Attorney General, and the Department Legal Draftsman under the chairmanship of the Commissioner of the Bribery or Corruption Allegation Commission..”

The panel will submit a detailed report with the recommendations and the sections that should be compulsorily amended and new sections included after studying the provisions of the anti-corruption Act.

President Dissanayake-led ruling National People’s Power has promised strong anti-corruption measures to eliminate deep-rooted corruption in the governance.

However, analysts say the government is struggling to implement its promises because of loopholes in the existing laws and lack of capacity among the government officials.

ENACTED AFTER IMF BAILOUT

Former President Ranil Wickremesinghe’s government went ahead with a new anti-corruption law after the International Monetary Fund (IMF) approved a $2.9 billion bailout package following the island nation declared bankruptcy.

Some of the objectives of the proposed Act were to prevent and eradicate bribery and corruption in order to meet the just requirements of the general welfare of a democratic society, enhance transparency in governance, strengthen integrity of governance and increase accountability, enhance public confidence in government and strengthen public participation to eradicate corruption.

The Act was also envisioned to establish an Independent Commission to exercise and perform the powers and functions under the Act and to carry out the responsibilities imposed.

The said commission was to be mandated to conduct preliminary inquiries and investigations into, and to prosecute against, bribery, corruption, offences relating to declaration of assets and liabilities and associated offences.

The Act was expected to enable the authorities to conduct and coordinate educational activities on the prevention of bribery and corruption, introduce an effective system for the declaration of assets and liabilities in order to prevent illicit enrichment by public officials, promote inter-agency cooperation and international collaboration in preventing bribery and corruption, and give effect to obligations under the United Nations Convention against corruption and any other International Convention relating to the prevention of corruption to which Sri Lanka is a party and recognise international standards and best practices in order to establish a culture of integrity in Sri Lanka.

However, since enacted, there were hardly any alleged corrupt people charged under the act.

Under the IMF loan, the global lender had urged Sri Lanka to reduce corruption vulnerabilities through improved fiscal transparency and public financial management, introducing a stronger anti-corruption legal framework, and conducting an in-depth governance diagnostic, supported by IMF technical assistance. (Colombo/December 31/2024)


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