{{Financial disclosure laws requiring public officials to file a statement of their assets, liabilities and interests can make corruption easier to detect.}}<\/p>\n
However, a new World Bank database finds that although 78% of countries covered by the database have financial disclosure systems, only 36% systematically check public servants disclosures for irregularities and inconsistencies.<\/p>\n
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. <\/p>\n
The Library compiles over 1,000 laws and regulations on financial disclosure and restrictions on public official\u2019s activities from 176 countries.<\/p>\n
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.<\/p>\n
It also gives citizens the information they need to hold public officials accountable for their actions.<\/p>\n
The Library shows that not all public officials are obligated to declare their assets and interests. <\/p>\n
High-level officials are generally included; 93% of covered countries require disclosure for cabinet members, 91% for Members of Parliament and 62% for high-ranking prosecutors. <\/p>\n
However, only 43% of countries provide the public with open access to public officials financial disclosures.<\/p>\n
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.<\/p>\n
Civil society and corruption fighters should back the G20s call for asset disclosure systems, because they can be an effective tool for bringing thieving public servants to justice.<\/p>\n
A World Bank analysis published earlier this year, Using Asset Disclosure for Identifying Politically Exposed Persons, noted that as much as 93% of countries in Latin America and the Caribbean have disclosure systems, while the percentage drops to 53% in Middle East and Northern African countries. <\/p>\n
While significant variations in implementation and access exist across the worlds financial disclosure systems, stakeholders agree that such systems are essential.<\/p>\n
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. <\/p>\n
Until now, countries have been unaware of each others efforts when it comes to asset disclosure laws. <\/p>\n
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.<\/p>\n
The World Banks work in Financial Market Integrity supports transparent and inclusive financial systems, and the fight against illicit financial flows. <\/p>\n","protected":false},"excerpt":{"rendered":"
{{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% of countries covered by the database have financial disclosure systems, only 36% systematically check public servants disclosures for irregularities and inconsistencies. To support […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[75],"byline":[170],"hashtag":[],"class_list":["post-4032","post","type-post","status-publish","format-standard","hentry","category-news","tag-homenews","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/4032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=4032"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/4032\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=4032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=4032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=4032"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=4032"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=4032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}