Strict campaign financing laws and regulations pertaining to assets and liabilities declarations are needed to curb the heavy influence of corrupt business tycoons in Sri Lankan politics, Samagi Jana Balawegaya youth Movement Propaganda Secretary Rasika Jayakody said.

Addressing a conference in Kandy, Jayakody said Sri Lanka's politics is often dominated by a class of “contractors” who use their strong political links to strike lucrative business deals.

"A proportion of profits they derive from these deals directly go into the pockets of politicians. A part of is 'invested' in political campaigns. Don’t forget that Sri Lanka is one of the few countries with absolutely no laws to regulate campaign financing," he added.

Jayakody also said, "These 'contractors' dominate every sphere of business including the media industry, which is supposed to be the fourth state. This allows them to hijack the public opinion and manipulate it in whichever way they want. This has resulted in rapid degeneration of Sri Lankan politics.

How do we regain our democracy? How do we counter the influence of these unscrupulous contractors? This remains the key challenge of our times.

This is why I believe in stringent laws to regulate campaign financing coupled with strong assets and liabilities laws for those holding public office. Without such laws, Sri Lanka will continue to be a failed and corrupt state where politicians are allowed to freely plunder public properties."