NASSAU, BAHAMAS — The Organization for Responsible Governance is highlighting the urgent need to reinforce regulatory frameworks to ensure compliance, and cultivate public trust in our governance. Findings from last year's financial disclosures shed light on a pattern of non-compliance among senators, senior civil servants, and elected officials, which ORG says signals entrenched issues within our regulatory infrastructure.
"The findings from last year's financial disclosures shed light on a troubling pattern of non-compliance among senators, senior civil servants, and elected officials, signaling entrenched issues within our regulatory infrastructure. The Public Disclosure Act obligates parliamentarians, senators, and senior public officers to annually submit their financial declarations to the Public Disclosure Commission by March 1. The Commission is tasked with publishing these reports to offer the public transparency on compliance statuses. Yet, ongoing gaps in adherence and oversight have led to a pattern of non-compliance in both the submissions and the public reporting thereof, eroding public trust and questioning the integrity of our democratic processes," ORG noted.
It added, "The importance of timely and exhaustive public disclosures cannot be overstated. They are pivotal in ensuring transparency, accountability, and operational efficiency within our government entities. Research supports the notion that public access to the financial disclosures of elected officials not only reassures citizens of their representatives' dedication to the public good but also significantly bolsters public trust and civic participation. Furthermore, public disclosures serve as a crucial mechanism for elected officials and government leaders, enhancing their efficacy and success.
Acknowledging the imperative need to modernize the public disclosure process, ORG said it champions the enactment of comprehensive anti-corruption legislation in The Bahamas, including the introduction of an Integrity Commission Act, among other pivotal policies and practices. Strengthening regulatory frameworks and promoting a culture rooted in openness and integrity are indispensable steps toward bolstering public confidence in our democratic institutions. We view the government's plan to revise the Public Disclosure Act as an essential stride toward fostering a culture of transparency and accountability.
"In our analysis of the existing Public Disclosures Act, ORG has identified opportunities aimed at reinforcing The Bahamas' public disclosure system. Our suggestions encompass enhancing compliance through digitalization, applying behavioral science, reinforcing the independence and administrative structure of the Public Disclosure Commission, and ensuring it is well-resourced. The prompt publication and transparent reporting of disclosures, coupled with strict adherence to the Act, are vital for reinstating public trust in governance and diminishing perceptions of corruption and conflicts of interest," ORG noted.
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