The People’s Majlis has submitted a bill to dismiss those who submit false financial statements. The Asset Declaration Bill was submitted to the parliament by Deputy Speaker Eva Abdulla. The purpose of the bill is to strengthen the asset declaration process of state officials by establishing a legal framework.

As per the bill, any individual who is found giving false information or is found excluding details regarding their assets will face a fine up to USD 32,000 and a prison sentence of two years, along with dismissal from their state position. It also states that cases of such individuals must be forwarded to the relevant authorities who will be given one month’s time to conduct investigation, and the trial is required to be complete within 60 days.

The bill also details the kind of information that must be included when declaring assets, they are:

  • – Details of houses owned or leased in the Maldives and abroad
  • – Details of the company registered in the Maldives or abroad
  • – Details of funds in the account of any foreign bank or financial institution
  • – Details of loans taken and issued and mortgaged goods

The bill further states that if a third party institution submits complaint and is verified authentic, investigation must be initiated without delay.