New amendment seeks asset disclosure for officials

An amendment has been proposed in Parliament to revise the rules governing the declaration of assets and financial status of senior government officials, members of Parliament, heads of independent institutions and government companies.

The amendment was moved by Galolhu North MP Mohamed Ibrahim, who stated that the changes are intended to harmonise the rules on financial statements for individuals holding these positions.

Parliament members

Under the proposal, members of Parliament will be required to submit a statement of assets, money, business interests and liabilities within one month of taking the oath of office. These statements must be verified by a licensed auditor from the Chartered Accountants Institute.

At present, members are required to submit financial statements one year after being sworn in. MP Mohamed Ibrahim noted that the public should be informed of what members possess when they begin their term.

Ministers

The amendment requires ministers to submit their financial statements once a year to both Parliament and the Auditor General’s Office. The statements must be filed within 90 days after completing each year in office. Non-compliance would result in the deduction of a day’s salary.

Currently, ministers must submit financial statements annually, but no specific deadline is set.

Independent institutions

For the first time, the proposal includes members and heads of 26 independent institutions. These include the Judicial Service Commission, Election Commission, Civil Service Commission, Human Rights Commission and Anti-Corruption Commission, as well as the Prosecutor General, Transport Authority, Health Protection Authority, Civil Aviation Authority, Commissioner of Taxation, Commissioner of Customs, Commissioner of Immigration, Commissioner of Police and Commissioner of Prisons.

According to the amendment, heads of these institutions must submit their financial statements within one month of assuming office. Failure to comply would result in a fine of MVR 5,000.

Government companies

The amendment further requires chairpersons, chief executive officers, managing directors and deputy managing directors of government companies, government-owned companies and commercial companies to submit financial statements. They will also be required to file updated statements on the one-year anniversary of assuming office. Non-compliance would result in fines.