The International Monetary Fund (IMF) has instructed Sri Lanka’s Commission to Investigate Allegations of Bribery or Corruption (CIABOC) to phase out the traditional paper-based asset declaration system and make the Centralized Electronic Assets and Liabilities Declaration System mandatory as part of efforts to reduce corruption risks.
The Bribery Commission has also announced plans to take strict action against public officials who failed to submit their asset declarations before the June/July 2026 deadline. Measures include financial penalties, disciplinary action and legal proceedings.
In addition, the Commission has informed the government of the need to urgently recruit additional staff to address existing human resource shortages and support the effective implementation of the Anti-Corruption Act No. 9 of 2023.
Following the fifth and sixth reviews of Sri Lanka’s IMF-supported programme, the Bribery Commission has been assigned the responsibility of expediting investigations and legal action involving political figures and high-profile financial crime cases.
Under the National Anti-Corruption Action Plan 2025–2029, the Commission’s powers are also expected to be expanded to tackle fraud in the private sector.
The plan further includes measures to align Sri Lanka with Financial Action Task Force (FATF) international standards by strengthening transparency in company ownership and identifying the beneficial owners of corporate entities as part of efforts to combat money laundering.
