The Anti-Corruption Act No. 9 of 2023 introduces strict requirements for politicians and certain public officials to submit annual declarations of their assets and liabilities. The annual declaration should reflect the assets and liabilities held by the declarant, their spouse, dependent children (of whatever age), other dependent persons, and anyone cohabiting with them, as of 31 March of that year. Declarants have three full months—from 31 March to 30 June— to prepare and submit their declarations.

Here is a list of public officials and representatives who are required to submit annual declarations. Click here to get the full list

Penalties for Late Submission!!  

According to the Act, failing to submit these declarations by 30 June each year can result in significant financial penalties.  

If the declaration is not submitted by 30 June, the Act imposes daily fines starting from 1 July.  

From 1 July to 31 July, the daily fine is one-thirtieth of the gross monthly salary. From 1st August to 31 August, the daily fine increases to one-thirtieth of the average total salary over the last six months. 

These fines are deducted directly from the declarant’s salary and transferred to the Fund of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC). 

Calculating the penalty 

As the penalty structure is complicated, Verité Research has just launched a calculator that can determine the exact daily fine for delayed submissions! 

For example, let’s assume the declarant is a Member of Parliament. Their last drawn gross monthly salary is LKR 157,952, and they still haven't submitted the declaration.  

The daily fine from the due date to 31 July:  

157,952/ 30= LKR 5,265.07

The daily fine from 1 August to 31 August (assuming the salary remained unchanged):  

(157,952x6) / 30 = LKR 31, 590.40

Beyond financial penalties  

Failing to submit the declaration by 1 September has even more severe consequences. Under Section 90 (5) of the Act, not submitting the annual declaration by 1 September constitutes an offense. If convicted, the individual may face a fine equal to their last 12 months’ gross salary, imprisonment for up to one year, or both, subject to an investigation and successful prosecution by the Commission.  

Importance of timely submission 

Submitting asset declarations on time is not just a legal obligation. A declaration of assets and liabilities is a key anti-corruption tool that helps identify potential conflicts of interest and unexplained wealth of public officials and politicians. Such tools are crucial for maintaining public trust in governance and enhancing transparency and accountability.  

For more details on asset declarations and associated penalties, see Sections 79-92 of the Anti-Corruption Act. 

Click here for asset declarations already filed with CIABOC.