Financial and economic sanctions relating to economic crimes in Sri Lanka
| Published date | 10 October 2008 |
| DOI | https://doi.org/10.1108/13590790810907209 |
| Date | 10 October 2008 |
| Pages | 364-368 |
| Author | Dayanath Jayasuriya |
| Subject Matter | Accounting & finance |
Financial and economic sanctions
relating to economic crimes
in Sri Lanka
Dayanath Jayasuriya
University of the Free State, Bloemfontein, South Africa and
Nawala, Sri Lanka
Abstract
Purpose – The purpose of this paper is to provide an overview of the salient legislative provisions
aimed at curbing financial and economic crime.
Design/methodology/approach – The paper presents an analysis of financial and economic crime
in Sri Lanka.
Findings – The paper underlines the practical limitations in enforcing the laws and regulations and
highlights the need for political will, allocation of resources for law enforcement, capacity building
within enforcement agencies and international cooperation as essential conditions for effective law
enforcement.
Originality/value – Sri Lanka’s experience suggests both what is possible as well as not possible to
deal with terrorism using law as a tool.
Keywords Criminology,Financial institutions, Terrorism,Sri Lanka
Paper type Case study
Since the tragic events of 11 September 2001, the international community is
increasingly being sensitized to the hidden agenda of groups that try to undermine law
and order and subvert the course of justice by resorting to illegal and unauthorized acts
of violence; disrupt political systems; and spawn economic instability. National
governments, some on their own volition and others due to mounting international
pressure, have scaled up law enforcement efforts to identify, prosecute and punish
perpetrators of crimes and seize their assets.
Country responses have been wide and varied and successes have been few and far
between. In a few countries such as Pakistan, for instance, there is hardly a day when
the media does not report on arrests of members of militant or subversive groups but at
the same time there is no dearth of reports of counter attacks by them as well.
In August2004, Pakistan releaseda listof six “most wanted” terroristswith a bounty of
$1 million on their he ads (The Economist, 2004, p. 9). Fora country with a population of
150 million,with 40 per cent living belowthe poverty line spendingless than a dollar a day,
this $1 million allocation for just six individuals may appear to be simply staggering.
It neverthelessreflects the ground reality thatto fight crime money is needed, apart from
sophisticatedequipment,trained staff and national,regional and internationalintelligence
networks. During the same month when Pakistan made its offer of $1 million, it was
reported that Switzerland had agreed to return to Nigeria US$ 500 million allegedly
embezzled by thecountry’s erstwhile dictator, SaniAbacha, while in office between 1993
and 1998 (The Economist, 2004, p. 8). Accordingto government estimates,this represents
only one-fourth of the money that had apparently been stolen by the late dictator.
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1359-0790.htm
JFC
15,4
364
Journal of Financial Crime
Vol. 15 No. 4, 2008
pp. 364-368
qEmerald Group Publishing Limited
1359-0790
DOI 10.1108/13590790810907209
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