FOR years, there have been calls for transparency and public disclosure of assets of elected and public officials, as these will improve the confidence of the people and foreign investors in the government’s integrity and good governance.
Asset declaration requires public officials to declare their income, asset, liabilities and financial interests.
In many countries, public officials are required to declare their assets and income, and also the assets and income of spouses, children and immediate family members.
According to the 1999 Organic Act on Counter Corruption, political office-holders and high-ranking public officials in Thailand must make full disclosure of assets and liabilities, including those of their spouses and minor children.
The National Counter Corruption Commission is responsible for publishing the financial disclosures of public officials in the Government Gazette.
Filipinos have the right to review financial disclosures of public officials and employees, including their spouses and unmarried minor children living in their households, pursuant to Section 8 of the 1989 Code of Conduct and Ethical Standards for Public Officials and Employees.
The Philippine Center for Investigative Journalism has posted the asset declaration of Congress and the cabinet members online. The aim of the declaration of assets is to prevent corruption. It is also to increase transparency and the trust of the public administration, to prevent conflicts of interest, illicit enrichment and false accusation of their wealth and to monitor wealth of politicians and public servants.
This is a valid demand because they hold power over allocation of resources and their salaries are paid through taxes.
Political parties were ranked as the most corrupt among top six key institutions in Malaysia, ahead of the police and civil servants, based on the Malaysian Corruption Barometer (MCB) 2014. Therefore, it is even more important for such entities and connected individuals to declare their assets.
Studies show that an asset declaration open to public scrutiny helps ensure leaders do not abuse their power for personal gain.
The declaration of assets should not only be done periodically and kept on record by an effective independent body but it is also appropriate to have forensic accounting experts and investigators monitor the assets periodically.
An asset-profiling system should be introduced to determine how many assets personnel are expected to have based on their positions, years of service and their present and past emoluments.
Asset profiling should include those of their spouses, dependents and immediate family members along with any business interest, or institutions they may be part of.
n DATUK AKHBAR SATAR, President, Transparency International Malaysia