Awareness about financial disclosure is growing. But why are international bodies such as the G20 pushing for them, and why should citizens care?
Financial disclosure (also known as asset declaration) refers to a system where public officials must periodically declare information on their assets, income, business activities, interests, etc. Financial disclosure systems can be used for the prevention, detection, investigation, as well as prosecution of corruption. These in turn can lead to promoting accountability among public officials, avoiding conflict of interest and increasing citizen trust in public institutions.