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Integrity Commission wants changes to Statutory Declaration Form

The Integrity Commission is proposing several changes to its Statutory Declaration Form to better enable it to identify Asset Concealment Schemes by persons required to file their financial information with the oversight body.
 
In a report to Parliament this week, the Commission said research has shown the need for the proposed amendments.
 
It said the changes would address the advanced and sophisticated ways in which the financial sector and other businesses are used to acquire illicit assets and engage in asset concealment schemes.
 
The Integrity Commission says there are numerous ways in which liquid and non-liquid assets generated from illegal sources may be concealed from tax regulators and anti-corruption authorities.  
 
These include registration of property in the name of a nominee; use of tax havens and offshore financial centres that provide financial secrecy; and concealment of funds by filtering them through a legitimate business.
 
The Commission is proposing changes which will require specific information about the declarant and spouse and particulars of all the declarant's children, including those 18 years old and older.
 
It is also proposing an adjustment to explicitly require the disclosure of investments held in equity securities locally and overseas and declarants will now be asked to provide cost of acquisition and market value to derive a more realistic value of the investment.
 
Additionally, the Commission is looking to gather information on real estate that will address the omission of cost of improvement in property and to remove the ambiguity relating to estimated current market value of property during the declaration period.
 


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