Anti-Corruption is now law in Sri Lanka

• Key seminar today at Movenpick Hotel from 2.00 p.m.

With the speaker certifying the Anti-Corruption Act, No. 9 OF 2023 on 8 August 2023 and published as a Supplement to Part II of the Gazette of the Democratic Socialist Republic of Sri Lanka of 11 August 2023 Anti-Corruption is now Law in Sri Lanka. This is a fulfilment of one of the key conditions specified under IMF terms for Sri Lanka in obtaining financial support. 

The following sections in the Act will be of significant interest to corporates Section 40 

•  To introduce codes of conduct for prevention and eradication of bribery and corruption which shall be adhered to by the private sector entities in order to develop proper conduct of business for the promotion of good commercial practices; 
•  to introduce codes of conduct for prevention and eradication of bribery and corruption in the public sector which shall be adhered to in the public administration; 
•  take measures to prevent corruption in the contractual relations between the Government and private sector entities; 
•  take measures to enlist and foster public support against corruption;

Section 106 1) Any person who, in the course of any economic, financial or commercial activity, offers, directly or indirectly, a gratification on behalf of himself or another person to any employee in any capacity or a director in a private sector entity, in order to commit any act or refrain from committing any act in breach of his duties, commits an offence of bribery, under this Act and on conviction be liable to a fine not, exceeding one million rupees or to a term of rigorous, imprisonment not exceeding seven years or to both such fine, and imprisonment.

It will be imperative that corporates get aligned with the new legislation and make necessary compliance to prevent corruption within and outside organizations. It will now become relevant for corporates to have anti-corruption codes and get its staff to sign off and comply with it as done in developed jurisdictions. 

The anti-corruption code of conduct should be committed to combating all forms of corruption. Such codes should fall within the ambit of the new Act and should address transparency, combating corruption and modernising economic life.

A seminar highlighting the salient features of the Act will be held on the 23 August at the Movenpick Hotel from 2.00 p.m. to 5.00 p.m. The keynote address will be delivered by former Bribery Chief and Senior Additional Solicitor General Sarath Jayamanne P.C. followed by International Compliance Association (UK) Fellow and SEC and IBSL Former Chairman Dr. D. C. Jayasuriya P.C., and Ministry of Finance Senior Advisor and Legal Consultant/Former DG SEC Malik Cader. 

Areas of Discussion will cover: Scope of the New Act, what is it that corporates may do and must not do, how does the Act impact on sponsorships and grants, how safe is it to make complaints, how do you ascertain value of assets with sources of income, anti-corruption code of ethics for listed companies and corporates, and role of corporate Sri Lanka in eradicating corruption. 

The seminar/webinar will be for directors and senior officials of listed companies, HR professionals at all levels, senior officials of financial institutions, public officials/regulators/lawyers, compliance officers/accountants/auditors/ company secretaries etc.

For details call: Shireen - 076 661 7748, James - 070 642 0642 or email [email protected].