Which countries have restrictions on public officials, politicians or any nationals from holding overseas bank accounts or property. Which countries require officials and politicians to declare their financial and property interests (particularly their overseas interests); and in both areas, which countries enforce these restrictions?
A few countries restrict or prohibit politicians or public officials from establishing and holding overseas bank accounts as a way to prevent corruption and money laundering. Typically, such restrictions are not specific to politicians, but imposed on citizens as part of a country’s foreign exchange control regime. Restrictions can include disclosure requirements, strict prohibition or the written authorisation of the central bank or the taxing authority to open and maintain overseas accounts. Many countries across the world also require public officials to declare their wealth either upon entry into the public service or for a promotion into a position with potential for illicit enrichment, but level of enforcement greatly varies from country to country.
Chêne, M. Foreign exchange controls and assets declarations for politicians and public officials. U4 Anti-Corruption Resource Centre, CMI, Bergen, Norway (2011) 6 pp. [U4 Expert Answer 287]