Failure to submit financial declarations for two years may lead to party termination

16:33, 26.02.2024

Failure of a political party to submit a financial declaration to the Anti-Corruption Bureau for two consecutive years may serve as grounds for the party’s termination as per the recent amendments to the Law on Political Unions of Citizens.

Under these changes, if a party fails to provide the required financial declaration to the anti-corruption bureau for two consecutive years, the National Public Registry Agency will be empowered to annul the party’s registration upon the appeal of the head of the anti-corruption bureau.
As the party’s registration cancels, its assets will go to the state treasury.

Additionally, the amendments grant authority to the Anti-Corruption Bureau to oversee the financial activities of political parties and individuals with declared electoral objectives, including conducting interrogations and requesting information from public institutions and individuals.

Failure to correct the flaw may result in a warning or fines, with penalties of GEL 1,000 for a person, GEL 5,000 for a qualified party, and GEL 2,000 for other entities.

By - Tamar Tabatadze

Politics

Anti-Corruption Bureau

political party