By: Staff Writer
March 29, Colombo (LNW): The International Monetary Fund (IMF) has introduced a crucial structural benchmark in its Third Review Agreement to address weaknesses in Sri Lanka’s asset declaration system under the Anti-Corruption Act of 2023.
This measure aims to enhance transparency and accountability by ensuring broader public access to asset declarations, a reform long championed by Transparency International Sri Lanka (TISL).
By closing existing loopholes and enforcing stricter disclosure requirements, the benchmark seeks to fortify anti-corruption efforts and promote good governance.
TISL has welcomed this initiative, emphasizing that it marks a significant advancement in the push for public access to asset declarations.
According to the organization, the benchmark mandates the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) to reduce excessive redactions, disclose bank balances and asset values, enhance accessibility, publish the names of non-compliant individuals, incorporate Beneficial Ownership details in declaration forms, and implement a robust Asset Recovery Law in alignment with the United Nations Convention against Corruption (UNCAC).
While these steps represent progress, they also underscore a recurring issue—government agencies often focus on procedural formalities rather than substantive reforms.
Sri Lanka’s economic collapse was fueled in part by weak governance and widespread corruption, yet genuine accountability remains elusive due to ineffective implementation of governance-related commitments. Without structured oversight and active public engagement, critical transparency and anti-corruption initiatives risk being delayed, diluted, or rendered ineffective.
TISL has urged the government to adopt a structured and transparent framework for civil society participation in governance reforms, particularly in IMF-led programs. Instead of ad-hoc consultations, a well-defined mechanism should be established to ensure that reforms are not only formulated but also executed and monitored with public and civil society input. Such an approach would help address real-world governance challenges and reinforce public confidence in the reform process.
Furthermore, TISL calls on international financial institutions to institutionalize civil society participation in governance reforms. Governance commitments should be subjected to the same rigorous scrutiny as macroeconomic targets to ensure meaningful progress rather than mere procedural compliance.
Upcoming reforms concerning proceeds of crime, public procurement, and beneficial ownership transparency must be executed in a way that guarantees tangible results. Sri Lanka’s economic recovery will not solely depend on financial restructuring but also on its unwavering commitment to accountability, transparency, and the rule of law. Ensuring the effective implementation of these reforms will be crucial in rebuilding public trust and laying the foundation for sustainable governance.
