Financial Crime World

Five-Year Deadline for Public Figures to File Annual Declarations

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In an effort to promote transparency and accountability among public officials, the government has introduced a new law requiring all individuals in public life to file annual declarations within three months of each year.

Compliance Requirements

According to Section 16(1) of the Prevention of Corruption Act, every person in public life must submit their declaration not later than three months after the end of each calendar year. The requirements include:

  • Financial interests
  • Assets and liabilities
  • Gifts or benefits received during the year
  • Details of political parties and organizations’ sources of funding, expenses, and assets

Tough Penalties for Non-Compliance

The government has taken a tough stance on non-compliance with these requirements. Anyone found guilty of:

  • Failing to file a declaration
  • Providing false information
  • Disclosing confidential financial data to unauthorized persons

can face severe penalties, including fines and imprisonment.

Secretive Nature of Declarations

All declarations filed with the Commission are secret and confidential, and can only be made public in certain circumstances, such as during an inquiry or court proceedings.

Investigations and Verification

The Commission has been empowered to investigate any breaches of the law and refer cases to the Director of Public Prosecutions where necessary. The Commission can also:

  • Appoint a Committee to verify the contents of declarations
  • Submit written reports to both the Commission and the declarant
  • Request that individuals attend an inquiry or produce documents relevant to the investigation

Tribunals to Verify Declarations

Tribunals have been given the power to verify the contents of declarations during an inquiry, and have the same powers as the Commission in this regard.

Conclusion

The government’s move is seen as a major step forward in promoting transparency and accountability among public officials, and is expected to help rebuild public trust in the political system.