By Hiran H.Senewiratne in The Islad, Nov 15, 2023
The IMF in its latest report on Sri Lanka pointed out that corruption vulnerabilities are exacerbated by weak accountability by institutions, including the Commission to Investigate Allegations of Bribery and Corruption (CIABOC), that have neither the authority nor the competency to fulfil their functions successfully, President’s Counsel Sarath Jayamanne said.
“The IMF noted that the current governance arrangements have not established clear standards for permissible official behaviour, acted to deter and sanction transgressions, nor pursued individuals and stolen public funds that have exited the country, delivering the Chartered Accounts- Sri Lanka 25th Annual Tax Oration recently,
Jayamanne said. He stressed the importance of enhancing inclusivity in fraud investigations within Sri Lanka. The theme of the event was, “Role of Tax Professionals in the anti- Corruption Drive”, which was held at the CA-Sri Lanka auditorium.
Jayamanne added: ‘Amid those developments Sri Lanka has a long way ahead in its anti-corruption efforts, which require professionals in the financial sector to elevate their vigilance in detecting and addressing such incidents at an early stage.
‘Unfortunately, ordinary police officers have passed the Advanced Level at most and do not possess the skill. So, we need people of that background. This is something Sri Lanka lacks; making us fall back. Therefore, international training has to be introduced to every institution that combats bribery and corruption.
‘The one viable approach in this regard is to involve a diverse array of professionals, spanning engineers to accountants, as integral members of the investigation department. Their support is also necessary to combat bribery and corruption in Sri Lanka.
‘We need the support of financial sector professionals, especially that of forensic accountants, auditors, and the tax consultants. We need to join hands and by doing so we can go a long way. I hope you have the vision and passion for it.
‘Having investigators with a background in commerce and mathematics is an asset as they are equipped to understand and trace the money trails of corruption and fraud within a short time frame.
‘As accountants and tax consultants they must advise their clients on suspicious accounts and also advice individual companies and corporates to prevent corruption in the country.’ https://island.lk/sls-anti-corruption-institutions-seen-as-lacking-competency-authority/
