Asset Declaration is a constitutional requirement whereby public office bearers have to declare their income, assets and liabilities to the Auditor General. In the Constitution of Maldives, it is stated that the President of Maldives, Vice- President of Maldives, Cabinet Ministers, Members of Judicial Service Commission, Members of Anti-Corruption Commission and Members of Elections Commission need to declare their assets to the Auditor General. It is mandatory to declare their Assets when they are appointed, annually during their tenure and upon resignation or termination.
Asset Declaration is also a global best practice against corruption. UN Convention Against Corruption, notes that: “Each State Party shall endeavour, where appropriate and in accordance with the fundamental principles of its domestic law, to establish measures and systems requiring public officials to make declarations to appropriate authorities regarding, inter alia, their outside activities, employment, investments, assets and substantial gifts or benefits from which a conflict of interest may result with respect to their functions as public officials.”
Asset Declaration also helps prevent power abuse, reduce corruption , increase public accountability and public trust in institutions and government legitimacy. Asset Declaration not only aims to monitor wealth variations of public officials but also dissuade them from misconduct and protects them from false accusations