The Elections Commission (EC) has commenced the formulation of a standardized regulatory framework aimed at strengthening and streamlining the financial management of all political parties. According to the EC, while the overall financial conduct of political parties is generally satisfactory, the absence of a uniform set of procedures has led to several challenges. In response, a new regulation has been drafted in collaboration with the Auditor General’s Office, which is currently in the process of being gazetted following consultations with the respective parties.
The EC emphasized that while every political party is legally mandated to submit audited financial statements at the conclusion of each year, parties receiving state funding bear a heightened responsibility to remain accountable for public funds. The Commission continues to take enforcement action against parties and responsible individuals who fail to comply with these financial reporting requirements. Notably, this year, the Maldivian Democratic Party (MDP), the Maldives National Party (MNP), and the Adhaalath Party were fined for failing to submit their financial statements or for submitting them past the official deadline. It is anticipated that the implementation of this new regulation will align the financial systems of political parties with the state’s financial standards, thereby significantly enhancing transparency and fiscal responsibility.
