Call for anti-corruption policies in Sri Lanka’s corporates
While Sri Lanka is on the top of the grey list of countries where money laundering is concerned, corruption is the root cause for topping the list. Providing the knowledge and education of anti-corruption policies must begin within the corporate institutions, stressed a panel of experts at a recent discussion.
The Sunday Times Business Club- hosted discussion on ‘ Integrity vs Corruption’ at the Kingsbury Hotel in Colombo last week, was timely as it came on the back of the government’s newly-launched, 5-year National Action Plan against corruption.
The Commission to Investigate Allegations of Bribery or Corruption, Director General, Sarath Jayamanne; Transparency International Sri Lanka Executive Director, Asoka Obeyesekere and former National Chamber of Commerce Sri Lanka President, Sujeewa Samaraweera were the panellists at the discussion.
During the event, Mr. Samaraweera mentioned that developing policies within companies will reduce corruption while proper policies must be implemented and action must be taken to follow them within the organisation. “As corporate entities how much we have done to correct the system is what matters. Think honestly and look at how companies can work on this. Many foreign countries have implemented anti-corruption policies within the organisation itself,” he added.
Mr. Jayamanne stated that there are countries overseas that doesn’t need an anti-corruption agency to be run by the state. In Sri Lanka after almost a year of getting ideas from the private and public sectors, the National Action Plan was passed by the cabinet.
He also mentioned that as the private sector is the engine of growth of the economy, integrity and honesty must be cultivated among all employees. Parents also need to play a vital role in educating their children in avoiding corruption, he added.
Sri Lanka is in the grey list and has become the hotspot for money laundering, stressed Mr. Obeyesekere while stressing that the Central Bank is finding difficult to get out of the list.
He noted that the corporate sector will see the impact of money laundering in the years to come while banks will be carefully monitored on transactions. “We are not saying that all money coming through FDIs is anchoring corruption, but there are many illegal methods where money is brought into the country. The future of the country is dependent on FDI and not on black money,” he pointed out.
He noted that an assessment on corporate reporting on anti- corruption must be conducted in all organisations.
Every worker in Sri Lanka has to forego seven per cent of his/ her wage worth for corruption, a study reveals. “If we have this practice”, Sri Lanka will not go forward any further, stressed Mr. Samaraweera while elaborating, “We have suffered a lot and our children are about to face the same in the future. Think honestly and look at how companies can work to eliminate corruption.”
It was also highlighted that giving and obtaining a gratification is a punishable offence while receiving a hamper is also considered a bribe. Together with the National Action Plan, gift rules are also implemented. If action is taken, public trust on anti-corruption will start to build.
Sri Lanka doesn’t have top quality investigators and prosecutors whose salaries must be increased, noted Mr. Samaraweera while adding there is room for a joint voice if everyone unites to make a change. Sri Lanka is in a transition period of everything becoming automated. There needs to be a paradigm shift bringing technology to the fore.