68. Are elected officials required to submit reports regarding their finances?

(a) For the purpose of this section, the term "reporting period" refers to the preceding calendar year with respect to annual statements filed by public officials, and the preceding twelve-month period with respect to assuming office and leaving office statements filed by public officials and statements filed by candidates.

(b) No later than February 1 of each year, within 30 days of assuming office and within 30 days of leaving office, all public officials shall file with the Commission financial disclosure statements for the reporting period disclosing their financial interests. All candidates shall file the required statements no later than 60 days prior to the date of the election for state or national offices.

(c) Financial disclosure statements required by this section shall state for the reporting period:

(1) The name and mailing address of each source and amount of income, including compensation and gifts from persons other than the public official's or candidate's spouse or children, totaling five hundred dollars ($500) or more, received by or promised to the public official or candidate, provided that contributions, and salary and benefits from the national or any state government, need not be reported under this subsection.

(2) The mailing address of every business entity incorporated, regulated, or licensed to conduct business in the Republic, and every business entity which plans to do business in the Republic or has done business in the Republic during the two years prior to the time the statement is required to be filed, in which the public official or candidate had a direct or indirect ownership interest having a fair market value of five hundred dollars ($500) or more, and the amount of that interest.

(3) Every business entity in which the public official or candidate was an officer, director, partner, trustee, employee or held a position of management.

(4) The name of each creditor to whom the value of one thousand dollars ($1,000) or more was owed at any time during the reporting period and the original amount and amount outstanding; provided that debts arising out of retail installment transactions for the purchase of consumer goods need not be disclosed.

(5) The location and the value of any real property in the Republic in which the public official or candidate held a direct or indirect ownership interest having a fair market value of one thousand dollars ($1,000) or more, and, if the interest was transferred or obtained during the disclosure period, a statement of the amount and nature of the consideration received or paid in exchange for such interest, and the name of the person furnishing or receiving the consideration.

(6) For annual, assuming office and leaving office statements, the names of all persons who made contributions totaling one hundred dollars ($100) or more to the public official during the preceding four years.

(d) Where a public official's or candidate's financial interests for a reporting period are identical to those reported on the last disclosure statement filed under subsection (c), the public official or candidate may file for that reporting period, in lieu of the disclosure statement required by subsection (c), a statement certifying that his or her financial interests have not changed since the filing of the last statement filed under subsection (c). All such statements shall comply with subsection (f) of this section.

(e) Where an amount is required to be reported, the person disclosing may indicate whether the amount is at least one thousand dollars ($1,000) but less than ten thousand dollars ($10,000); at least ten thousand dollars ($10,000) but less than fifty thousand dollars ($50,000); at least fifty thousand dollars ($50,000) but less than one hundred thousand dollars ($100,000); or one hundred thousand dollars ($100,000) or more.

(f) The public official or candidate shall verify, under penalty of perjury, that he has used all reasonable diligence in preparing the disclosure statement and that to the best of his knowledge the statement is true and correct.

(g) The Election Commission, upon receipt of the nomination paper of any person seeking a state or national elective office, shall notify the Ethics Commission of the name of the candidate for state or national office and the date on which the person filed the nomination petition. The Election Commission, upon the expiration of the time allowed for filing, shall release to the public a list of all candidates who have failed to file financial disclosure statements.

(h) Any statement filed pursuant to this section may be amended at any time. Amending an incorrect or incomplete statement may be considered as evidence of good faith.

Source: Article 605, Palau National Code, Title 33 Public Employment Chapter 6 Code of Ethics revised edition April 2014

Elected officials must file financial reports annually, within 30 days of assuming office and within 30 days of leaving office. Candidates for elected office must file financial reports no later than 60 days prior to the election date.