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Mohamed Ibrahim (Kudu), North Galolhu MP, has called on Parliament to strengthen the current framework for disclosing assets, business interests, and financial information of individuals holding public office or senior positions in government institutions.
Currently, Members of Parliament are required to submit their first asset declaration a year after being elected and sworn in.
However, he argued this timeline is insufficient, emphasizing that the public should be informed of an MP’s financial status and business ties before they begin their term.
Under his proposal, MPs would be required to declare all assets, income, business interests, debts, and liabilities within 30 days of taking office. Additionally, these statements would need to be audited by a professional licensed by the Chartered Accountants Institute of the Maldives.
The proposed amendment extends beyond parliamentarians. It also includes:
- Ministers must disclose their assets and business interests at the start of their term. Currently, no specific timeline exists for ministers to file these disclosures.
- Annual Statements: Ministers must submit updated financial disclosures each year to Parliament and the Auditor General.
- Penalties for Delay: If a minister fails to file on time, a daily deduction will be made from their salary until the statement is submitted.
- Independent Institutions: Members of independent bodies would be required to submit financial statements within a year of assuming office.
- Government Companies: Chairpersons, Chief Operating Officers, Managing Directors, and Deputy Managing Directors of state-owned companies must also file asset and liability statements annually.
As part of enforcement, MP Mohamed's amendment proposes a penalty of MVR 5,000 for anyone who fails to comply with the disclosure requirement.
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