World Bank database shows only 36% of countries check financial assets of public officials

Most countries have financial disclosure laws requiring public officials to declare their assets and liabilities, but available information shows that only a small number of countries with this law actually keep an eye on public officials’ assets.

According to a World Bank database, although the 78 percent of countries covered by it have financial disclosure systems, only 36 percent systematically check public servants disclosures for irregularities and inconsistencies, that’s notwithstanding the fact that such financial disclosure laws can make corruption easier to detect.

The laws require public officials to file a statement of their assets, liabilities and interests.

To support countries in their fight against corruption, the World Bank  says it 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,” the Bank has said.

The World Bank believes that 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,” it added.

The Bank’s 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, the Bank said.

By Emmanuel K. Dogbevi