Unexplained wealth and for what purpose: a Sri Lankan perspective
| Pages | 24-28 |
| DOI | https://doi.org/10.1108/JFC-12-2018-0128 |
| Date | 22 January 2020 |
| Published date | 22 January 2020 |
| Author | Asanga Abeyagoonasekera |
Unexplained wealth and for what
purpose: a Sri Lankan perspective
Asanga Abeyagoonasekera
Institute of National Security Studies Sri Lanka, Battaramulla, Sri Lanka
Abstract
Purpose –Explore perspective from Sri Lanka on unexplained wealth and why it should be taken as a
pivotal measureto fight corruption in the society.
Design/methodology/approach –Qualitativeand referenced work to explain the viewpoint.
Findings –The prevailing political will in achieving goals to fight economic crime is questionable. The
entire society has a role to play when fighting corruption, which is not only limited to regulators, bribery
commissions and the state sector. Private sector and individual voices in the society, including whistle
blowers,could play a leading role in combating cases of unexplained wealth.
Originality/value –This study highlights political corruption in Sri Lanka with a unique viewpoint
connectingpolitical lobbying and unexplained wealth.
Keywords Financial crime, Political corruption, Unexplained wealth
Paper type Viewpoint
Introduction
As 19
th
century French economist Claude-Frédéric Bastiat explained: “When plunder
becomes a way of life for a group of men ina society, over the course of time they create for
themselves a legal system that authorises it and a moral code that glorifies it.”Bastiat
correctly identified the way a group of people manage to plunder the wealth and use the
state legal system to justifyunexplained wealth. First, chasing behind unexplained wealth is
proven to be complex, time and resourceconsuming and highly controversial.
There is a plague in the streets of Sri Lanka and many other places around the world.If
this plague has not entered your door steps, your family will pay an indirectprice. Most of
us were aware of what ruffled the normal tenor of our lives but had no ideahow to fight the
plague. The plague is known as “Corruption,”which now threatens the entirenation, and it
might be inimical to the stability and integrity of the economy. The plunder of national
wealth through corruption pushes poor countries into greater poverty. Sri Lanka is at the
91
st
place (slipping furtherfrom previous year) according to the latest CPI[1] Index.
Robbing the public good
His Excellency, the President of Sri Lanka,explained that he is not in a position to open the
newly built hospital in the South of Sri Lanka at Hambantota, for which he laid the
foundation several years ago when he was Minister of Health. ‘The building is completed
but the hospital equipment has gone missing and all funding has been utilized, certain
officials who were after my term at the Ministry are directly responsible’, said President
Sirisena to the Director General of Bribery and the Keynote Speaker Prof Jayadeva
Uyangoda after a discussionon fighting corruption in Colombo.
Whoever is responsible for robbing public goods should be arrested regardless of their
political hierarchy or affiliation. If the powerful in society could commit economic crime of
this nature, one may wonderhow we can create a society free of corruption and instillvalues
JFC
27,1
24
Journalof Financial Crime
Vol.27 No. 1, 2020
pp. 24-28
© Emerald Publishing Limited
1359-0790
DOI 10.1108/JFC-12-2018-0128
The current issue and full text archive of this journal is available on Emerald Insight at:
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