IMF Sets New Asset Declaration Rules for Sri Lanka 🇱🇰

IMF Sets New Asset Declaration Rules for Sri Lanka 🇱🇰

⭕ TISL welcomes IMF's new structural benchmark to ensure public access to asset declarations.

⭕ The benchmark requires CIABOC to remove excessive redactions, disclose bank balances and asset values.

⭕ It also aims to improve accessibility, publish non-filers names, and include Beneficial Ownership details.

⭕ TISL calls for a structured mechanism for civil society engagement in governance reforms.

⭕ Previously, although CIABOC made declarations by Members of Parliament and high-ranking government officials publicly available, excessive redactions rendered it nearly impossible to accurately assess their true net worth.

⭕ In some notable cases under the former government, ministers declared vague assets such as uncut gem stones and uncut sapphire stones without specifying their estimated value. Others declared tens of millions in cash held "in hand" further complicating efforts to verify the legitimacy and actual worth of these declarations.

⭕ The new IMF benchmark marks a critical step toward greater financial transparency and integrity in public service.

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