Registration of Parties and Audited Accounts
It is recognized that political parties receive a significant amount of financial contributions 'off the record'. This form of financing should be banned and all contributions must be in the books in order to promote greater transparency within our political parties and as a result in the governance process altogether. Also, in an effort to promote greater transparency and stronger democratic practices within political parties and across our national institutions, parties must be required to comply with certain requirements which would include: - being officially registered, this registration would require political parties to submit the names of ALL officers and the constitution and bye laws of the party; presenting annual audited financial statements; and holding regular elections, the results of which are to be reported.
In the United Kingdom the Political parties, elections and referendums Act, 2000 provides a framework for the regulation of party financing and can serve as a model for local campaign finance legislation. With respect to party financiers, this UK legislation specifies that political parties can only receive contributions from particular organizations and/or individuals which have been appropriately registered - these are referred to as "permissible donors".