SL’s anti-corruption efforts require more professionals coming onboard: PC Jayamanne

• Points out SL needs to be more inclusive in its fraud investigations
• Says having investigators with commerce and mathematics background is an asset
• Expresses confidence in new anti-corruption law addressing existing loopholes

• By Shabiya Ali Ahlam 

Sri Lanka has a long journey 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, according to President’s Counsel Sarath Jayamanne said. Delivering the CA Sri Lanka 25th Annual Tax Oration, last week, Jayamanne emphasised the importance of enhancing inclusivity in fraud investigations within Sri Lanka. He suggested that one viable approach in this regard is to involve a diverse array of professionals, spanning from engineers to accountants, as integral members of the investigation department.

Currently, in Sri Lanka, the role of investigations, regardless of the nature, is only carried out by the Police. Jayamanne noted that limiting investigations to take place only by the police has resulted in several cases going undetected due to the lack of knowledge in the specific sector in which the fraud has taken place.
However, he expressed his confidence in the effectiveness of the new anti-corruption law, which is expected to rectify several loopholes that had previously facilitated corruption and fraud, ultimately paving the way for a more enhanced approach to addressing these issues.

“We need the support of the 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,” Jayamanne said.
Highlighting the measures taken by regional peers, he noted that 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.

“Unfortunately, the 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,” he stressed.
The International Monetary Fund (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 competency to fulfil their functions successfully.

The Fund 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.