Parliament accepts bill to mandate ministers' annual financial disclosure
The amendment also aims to enhance transparency by requiring ministers to declare assets and business interests held at the time of appointment.
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Parliament on Tuesday accepted an amendment to the Constitution requiring ministers to submit their financial statements annually to the Auditor General and Parliament.
The amendment, proposed by Galolhu North MP Mohamed Ibrahim of the opposition MDP, was accepted with the support of the ruling PNC members. A total of 59 members voted in favour of admitting the bill, which has now been referred to the Finance Committee for further review.
Under Article 138 of the Constitution, members of the Cabinet are required to declare their financial interests. However, the Constitution does not currently specify a timeframe for such submissions. The proposed amendment seeks to address this gap by introducing a defined reporting schedule and verification process.
According to the amendment:
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Ministers must submit their financial statements within 90 days (three months) of completing one year in office.
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The financial statement must be verified by an auditor licensed by the Institute of Chartered Accountants of the Maldives.
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A daily deduction from the minister’s salary will be imposed for each day of delay after the deadline.
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Upon appointment, ministers will be required to submit a statement of assets, liabilities, and business interests to both Parliament and the Auditor General within 30 days.
The amendment also aims to enhance transparency by requiring ministers to declare assets and business interests held at the time of appointment and throughout their tenure.
The proposed changes form part of a broader legislative effort led by MP Mohamed Ibrahim to strengthen accountability mechanisms across public offices.
