Press Release -Launch of Enhanced Asset Declaration System

Assets, Income & Liabilities declaration as a public accountability mechanism is gaining prominence worldwide with increasing awareness and growing public outcry against corruption. Article 8 of the UNCAC requires “state parties to consider establishing policies requiring officials to reveal to appropriate authorities their outside activities, employments, investments, assets and substantial gifts or benefits”. Though the objective of Asset Declaration (AD) systems vary from prevention to detection of corruption depending on countries’ corruption scenario, in most of the countries, it is used as a means to prevent, detect and prosecute corrupt proceeds. The growing focus on the global economic impacts of corruption and the challenges of tracing stolen assets has intensified global interest in the links between effective AD systems and prevention, detection & investigation of corrupt acts. A well-designed and well managed AD system has tremendous potential to contribute to broader anti-corruption efforts at local and global level. Refer the attached below for more details.