We are not campaigning for Parti Bersama in Melaka state election.
According to information, there is no strict rules to make the candidates to declare the assets. however, Parti Bersama has done it the day they filed for the candidatures.
Party Socialist Malaysia (PSM) has adhered to the rules made by themselves for all the election procedures.
You can read the asset declaration of Parti Bersama here
Why need to declare the assets for the politicians?
The AI review said:
Declaring assets for political parties and candidates offers several key advantages, though it also comes with practical limitations.
Key Advantages
- Enhances Public Trust and Transparency: Publishing asset declarations signals to the electorate that the party or politician has nothing to hide regarding the source of their wealth or funding. It allows the public to see that officials are not using public office or party influence for illicit personal or organizational enrichment. [1, 2, 3]
- Deters Corruption and Conflicts of Interest: An enforced, clear system of asset disclosure helps identify sudden, unexplained spikes in wealth and exposes potential conflicts of interest in government contracts or business dealings. According to Transparency International, transparent asset and interest regimes are vital for clean governance. [1, 2, 3, 4]
- Eligibility for Public Funding and Compliance: In many global jurisdictions, financial transparency—such as timely reporting and the declaration of accounts and assets—is tied to compliance with statutory rules. Meeting these standards can unlock direct or indirect public funding, tax relief, or media access provided to parties. [1]
Limitations and Challenges
- Not a Guarantee Against Corruption: Asset declarations alone do not stop the abuse of power or mishandling of funds if they lack legal backing, strict verification, or independent enforcement. [1, 2]
- Risk of Superficial Compliance ("Political Gimmickry"): Critics and leaders—such as Prime Minister Datuk Seri Anwar Ibrahim—have noted that declarations can sometimes be done superficially or vaguely (e.g., listing lump-sum amounts without itemized sources), turning the process into a political gesture rather than true accountability. [1, 2]
- Lack of Legal Accountability in Some Regions: In places without a comprehensive Political Financing Act or binding legal framework, candidates who submit inaccurate or false declarations often face no legal penalties.
Malaysia does not have a comprehensive, standalone political financing law that legally mandates general public disclosure of all campaign donations or election finances. [1, 2]
Current Legal Framework for Campaign Spending & Assets
- Election Offences Act 1954: This is the primary statute governing election expenses in Malaysia. It sets legal expenditure limits for candidates, which have remained unchanged:
- Parliamentary (Dewan Rakyat) candidates: Maximum of RM200,000 (or RM600,000 under section limits depending on exact provisions).
- State Legislative Assembly candidates: Maximum of RM100,000 (or RM300,000 under certain references).
- Local authority / council candidates: RM10,000 / RM3,000 (historical/statutory limits). [1, 2]
- Societies Act 1966: Political parties are registered as societies and must submit financial accounts to the Registrar of Societies (ROS), but the law does not require them to publicly disclose their sources of funding or private donations. [1]
- Asset Declarations: There is no universal legal requirement for candidates or Members of Parliament (MPs) to publicly declare their personal assets before elections. However, internal party codes, cabinet ethics guidelines, or voluntary practices by specific parties (such as MUDA or select state-level EXCO members) occasionally prompt candidates to declare personal assets or campaign statements on an ad-hoc basis. [1, 2, 3]
Reform Push and Disclosures
- Independent watchdogs and policy institutes like the Institute for Democracy and Economic Affairs (IDEAS) and C4 Center continue to push for a dedicated Political Financing Bill to mandate full disclosure of direct and indirect donations, independent monitoring by the Election Commission (EC), and stricter spending caps. [1, 2, 3]
- Discussions regarding a formal Political Donation and Expenditure Act or Political Financing Control Act have been debated since the 1MDB era and periodic reform promises, with ongoing legislative proposals frequently reviewed by Parliament.
Yes, candidates and leaders from Parti Sosialis Malaysia (PSM) have a party tradition and policy of publicly declaring their assets. [1, 2]
Key Details on PSM's Asset Declarations:
- Party Policy & Practice: PSM has long advocated for public transparency, and prominent leaders like Dr. Michael Jeyakumar Devaraj have practiced public asset declarations since 2008. [1, 2]
- Election Candidates: PSM candidates standing in elections routinely publish statutory declarations of their personal assets and debts to set an example of accountability. For example:
Let us look at the past reports:
https://theedgemalaysia.com/node/652859
https://www.malaysiakini.com/columns/643778
PETALING JAYA: Transparency International Malaysia (TI-M) today applauded the move by 30 potential election candidates who pledged to declare their assets, urging others to follow suit.
The organisation said regardless of political affiliation, all potential candidates for the 14th general election (GE14) should make a full public disclosure of assets upon assuming office and at regular fixed intervals thereafter.
“Asset declaration should be done voluntarily and not seen to be in exchange for any political campaign funds.
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