Electronic asset declaration system: IMF to be given asset details of high-level public office-holders

ISLAMABAD: The government has given a written commitment to the IMF for establishing an electronic asset declaration system to disclose details of assets possessed by high-level public office holders, including cabinet members, parliamentarians and bureaucrats.

In the sent-out signed Letter of Intent (LoI) to the IMF’s Executive Board, the government has given an undertaking for continuation of Structural Benchmark (SB) for establishing a task force with inputs from international experts and civil society organisations to strengthen the institutional framework for an anti-corruption drive.

Pakistan and the IMF had agreed on the completion of the 6th Review under the PTI-led government that the government would take measures for strengthening the effectiveness of anti-corruption institutions.

Priority measures include the establishment of an asset declaration system with focus on high-level public officials (including federal cabinet members) by end-January 2022 (end-June 2021 SB, reset to end-January 2022), but it could not be implemented. It was also agreed for publication of the second review cycle report under the UN Convention against Corruption, and a review of the institutional framework for Pakistan’s anti-corruption institutions by independent experts with international experience.

The measures to strengthen governance and control of corruption remain crucial. Pakistani authorities committed with the IMF that their priorities include strengthening the effectiveness of anti-corruption institutions.

To further advance transparency, accountability and integrity in the public sector, Pakistan will issue regulations to establish an electronic asset declaration system (end-June 2021 SB, reset to end-January 2022) that is comprehensive (i.e. covering assets beneficially owned or located abroad), centrally-held with the Federal Board of Revenue, covering federal civil servants of Basic Pay Scale 17 to 22, accessible to entities authorized by law (including banks for the limited purposes of conducting customer due diligence as required for the provision of banking services) and effectively verified.

It will also institutionalise public access for annual declarations for all members (elected and un-elected) of the federal government cabinet of Pakistan. “We are undertaking the 2nd review cycle under the UNCAC implementation mechanism, and will publish the full report, including the findings, analysis and recommendations for improving the anti-corruption framework,” it said. A task force with inputs from reputable international experts and civil society organisations will complete a review of the institutional framework of anti-corruption institutions by end-December 2021 to enhance their independence and effectiveness in investigating and prosecuting corruption cases, with proposals for legislative amendments as appropriate, it added. However, the government could not deliver on the commitments and now the IMF wants to include it as a part of prior actions for the revival of its programme.