ISLAMABAD: The Election Commission of Pakistan (ECP) on Monday directed political parties and lawmakers to submit statements of accounts to the ECP by August 29 and September 30 respectively.

Members of the Senate, National Assembly and provincial assemblies of Punjab, Sindh, Khyber Pakhtunkhwa and Balochistan are required to submit yearly statements of assets and liabilities of their own, their spouses and their dependants to the Election Commission Secretariat.

According to the ECP, this is a mandatory requirement under Section 42A of the Representation of the People Act, 1976 ─ "yearly submission of statements of assets and liabilities".

The ECP will notify the names of members who failed to file their statements within the specified period by October 15. These legislators will cease to function until the legal formality is met. Action will also be taken against lawmakers who submit inaccurate statements in accordance with Section 82 of the Representation of People Act ─ "Penalty for corrupt practice".

Political parties are required to submit an audited consolidated statement of accounts of the party to the ECP within 60 days from the close of the financial year as prescribed under the provisions of Section 13 of the Political Parties Order, 2002 ─ "Information about the sources of party's fund".

Party leaders are required to sign an accompanying certificate stating that the party received no funding from sources prohibited under Section 13, and that the statement presents an accurate financial position of the party.

Parties which fail to submit their statement of accounts in accordance with the terms laid out in Section 13 will not be allowed to obtain an election symbol or to contest elections for the parliament and provincial assemblies.

Read more: ECP releases Parliamentarians' list of assets