North Galolhu MP Mohamed Ibrahim (Kudu) has called on Parliament to introduce tougher requirements for asset and financial disclosures from individuals serving in public office. He argued that the current framework falls short of ensuring accountability, particularly for lawmakers and government leaders who wield significant influence.
At present, Members of Parliament are only required to submit their first asset declaration one year after being sworn in. Mohamed criticized this timeline, saying it delays public access to crucial information about elected representatives.
“Citizens deserve to know the financial background and business ties of their MPs before they begin making decisions on their behalf,” he told lawmakers.
Under Mohamed’s proposal, parliamentarians would need to file a full declaration of assets, income, liabilities, and business interests within 30 days of taking office. To strengthen credibility, these submissions would have to be audited by a professional licensed through the Chartered Accountants Institute of the Maldives.
The proposed amendments are not limited to MPs. Mohamed’s plan seeks to expand transparency rules to other branches of government and state entities:
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Cabinet Ministers: Required to declare assets and business interests at the start of their term, with annual updates submitted to both Parliament and the Auditor General. Currently, no fixed timeline exists for ministers to make such disclosures.
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Penalties for Delays: Ministers who fail to submit on time would face daily salary deductions until they comply.
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Independent Institutions: Members of commissions and other independent bodies must file financial statements within a year of assuming office.
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State-Owned Companies: Chairpersons, chief operating officers, managing directors, and deputy managing directors of government-owned firms would also be obligated to submit annual asset and liability statements.
To ensure compliance, the amendment introduces financial penalties. Any official who fails to submit the required disclosures would be fined MVR 5,000. Mohamed argued that without strict enforcement, disclosure rules risk becoming “mere formalities” rather than meaningful tools for accountability.
