President of Elections Commission Ahmed Shareef has revealed efforts are underway to draft a Campaign Finance Bill, mandating candidates competing in elections to publish their financial statements.
Speaking to media, Ahmed Shareef said the bill is currently being drafted, adding the bill will be submitted to the newly elected parliament for approval. Once the bill become law, it will mandate candidates to reveal their financial statements and will enable the public to know more about the candidates, according to Elections Commission.
The Elections General Act requires all candidates to prepare and submit a detailed report relating to the financial matters of the election, including the expenses incurred by the candidate in relation to the election, separate details of the expenses incurred during the electoral campaign, details of the manner in which contributions were procured for election expenses, details of persons and amounts contributed as election expenses, a bank account statement which shows all the transactions carried out from the elections account within 30 days from the date of the election.
Elections Commission said candidates are not required to submit financial statements before the election, adding however, the new bill will enhance monitoring the financial activities of the candidates.