MP Azaan: Mandatory financial disclosure must extend to spouses and other dependents of top officials

Ahmed Azaan Marzooq, a lawmaker from the ruling People’s National Congress (PNC), said on Wednesday that senior management of state-owned enterprises, as well as members of independent institutions and other statutory bodies must be required to submit financial declarations detailing not just their own private finances, but also that of their spouses and other dependents.

North Galolhu MP Mohamed Ibrahim (Kudu) – a parliamentarian from the main opposition Maldivian Democratic Party (MDP) - has submitted amendments to two laws – the Audit Act and the Privatization and Corporatization Act.

The proposed amendment to the Privatization and Corporation Act applies to top officials of SOEs - chairpersons, chief operating officers, managing directors and deputy managing directors.

Meanwhile, the proposed amendment to the Audit Act applies to members of independent commissions, individuals appointed to autonomous roles, and heads of statutory bodies and state agencies and offices.

Amendments to both laws require these officials to submit financial declarations detailing their personal assets, wealth and debt within 30 days of assuming office, and financial declarations verified a licensed auditor on an annual basis.

It also prescribes a fine of MVR 5,000 for failure to meet the deadlines.

During the preliminary debate on these bills on Wednesday, Azaan said that publicization of the finances of state officials is a crucial stop to preventing illicit enrichment and improving accountability.

He said that mandatory disclosure of finances should extend not just to the officials themselves, but also to their spouses and children under the age of 18.

Azaan said that it is international best practice to submit financial declarations of dependents of officials, and for the officials to continue to publicize their finances for a number of years even after they have left office.

“We see individuals who do not have even half a Rufiyaa when they take office get wealthy in just a short span of time. There’s no way to stop this even as it happens over and over again,” he said.

President Dr. Mohamed Muizzu has also recently announced plans to submit six bills aimed at countering corruption.

“These amendments include the disclosure of their financial statements. And also, that of their dependents – their spouses and children under the age of 18. This is the best practice followed in places across the world,” he said.

“It is also fairly common in the Maldives for individuals who assume such posts to transfer their assets and property to their wives, husbands or children under the age of 18.”

Kudu has also submitted a separate bill seeking to dock the salaries of cabinet ministers who fail to submit their financial declarations on time. This constitutional amendment was accepted into the Parliament on Tuesday with bipartisan support.