Sri Lanka’s Economic Crisis Deepens Amidst Surge in Financial Crimes During the Pandemic

Subtitle: A Perspective on the Impact of Political Instability on Fighting Economic Crime

Sri Lanka, a country renowned for its rich biodiversity and cultural heritage, has been facing an unprecedented crisis - a health pandemic and democratic backsliding. In the midst of the relentless COVID-19 outbreak, the country experienced a democratic backslide, adversely impacting its progress in combating economic crimes.

Before the Pandemic: Political Commitment to Fight Corruption

Before the pandemic, Sri Lanka’s political commitment to fight corruption was evident. However, with the pandemic, democratic values that underpinned this pledge began to erode.

The Pandemic Era: Demonstration of Autocratic Tendencies

The pandemic era marked the launch of the Government’s disciplinary project, which significantly impacted Sri Lankan democracy under the guise of public health concerns. Structural changes to the Constitution, heavily militarized environments, and political clientelism backed by nepotism, interfered severely with judicial independence and hindered the fight against economic crime.

Consequences ofDemocratic Backsliding

• Unpunished corruption scandals
• Impact on democratic institutions and accountability
• Growing trust deficit between public and authorities

The Role of the Pandemic in Strengthening Autocratic Rule

Despite several factors contributing to democratic backsliding, it’s crucial to acknowledge the severity of the economic crime environment and its impact on Sri Lanka’s already-challenged democratic system. Understanding how a pandemic can be misused to strengthen autocratic rule sheds light on some dimensions of economic crime in a crisis-stricken nation.

References

Abeyagoonasekera, A. (2022). Fighting Economic Crime During the Pandemic: A Sri Lankan Perspective. Journal of Financial Crime, 29(2), 764-769. doi:10.1108/JFC-01-2022-0009.