Abu Dhabi Accountability Authority to finalise fourth phase of financial disclosure system

 The Abu Dhabi Accountability Authority (ADAA) has announced it’s finalising the implementation of the fourth stage of the financial disclosure system for senior Abu Dhabi government employees.

The fourth stage of the system will cover all government entities and companies included in the system, revealed ADAA.

The system aims to enhance the principles of integrity and transparency among government employees by disclosing their financial income annually on assuming their role and upon the end of their service.

The disclosure declaration form includes job positions and memberships information, family reporting including minor children, financial statements within and outside the UAE, all information pertaining to personal companies, commercial, financial and professional businesses within and outside the UAE, real estate investments and valuable movable items.

The authority said the earlier stages were completed with around 1,500 of Abu Dhabi’s government seniors, including the chairpersons of government departments, followed by the undersecretaries of government departments, and subsequently the broader operational management personnel across the government.

The financial disclosure system was implemented using an advanced electronic platform developed and managed by qualified national employees in cooperation with Abu-Dhabi based tech company, G42.

The intent is to develop a strong institutional governance system and support ADAA’s mandate to establish clear foundations and controls for institutional transparency, enhancing public confidence and establish a new concept in the government ecosystem, as financial disclosure is a well-established practice in financial institutions, governments and other public and private sector institutions in various countries of the world, as it contributes to increased public confidence.

According to the authority, the next five years will see the concept of disclosure as one of the principles of institutional culture and part of the government work system, government companies and the private sector.