 |
| World Bank Headquarters in Washington, DC [PHOTO: Shiny Things] |
Washington: Financial disclosure laws requiring public officials to file
a statement of their assets, liabilities and interests can make corruption
easier to detect. However, a new World Bank database finds that although 78
percent of countries covered by the database have financial disclosure systems,
only 36 percent systematically check public servants’ disclosures for
irregularities and inconsistencies.
To support countries in their fight against corruption, the
World Bank is launching the Financial Disclosure Law Library to help
policymakers and practitioners establish strong financial disclosure systems.
The Library compiles over 1,000 laws and regulations on financial disclosure
and restrictions on public officials’ activities from 176 countries.
Financial disclosure by public officials provides law
enforcement with information and evidence for the prevention, investigation and
prosecution of corruption, illicit enrichment and tax crimes. It also gives
citizens the information they need to hold public officials accountable for
their actions.
The Library shows that not all public officials are
obligated to declare their assets and interests. High-level officials are
generally included; 93 percent of covered countries require disclosure for
cabinet members, 91 percent for Members of Parliament and 62 percent for
high-ranking prosecutors. However, only 43 percent of countries provide the
public with open access to public officials’ financial disclosures.
“Financial disclosure systems make it harder for corrupt
officials to hide their criminal activities or ill-gotten wealth,” said Jean
Pesme, Manager of Financial Market Integrity at the World Bank. “Civil society
and corruption fighters should back the G20’s call for asset disclosure
systems, because they can be an effective tool for bringing thieving public
servants to justice.”
A World Bank analysis published earlier this year, Using
Asset Disclosure for Identifying Politically Exposed Persons, noted that as
much as 93 percent of countries in Latin America and the Caribbean have
disclosure systems, while the percentage drops to 53 percent in Middle East and
Northern African countries. While significant variations in implementation and
access exist across the world’s financial disclosure systems, stakeholders
agree that such systems are essential.
“Financial Disclosure is key in the fight against
corruption,” says Navil Campos Paniagua, Manager, Complaints and Investigations
Area, General Comptroller of the Republic of Costa Rica. “Until now, countries
have been unaware of each other’s efforts when it comes to asset disclosure
laws. The World Bank law library will certainly help practitioners and
policymakers from different countries learn from one another and boost
financial disclosure in their own countries.”