The process of disclosing financial interests serves two purposes.
- Disclosure alerts public officials to their own financial interests and potential areas of conflict in relation to their official duties. A potential conflict-of-interest exists when a public official has a financial interest in an official decision. Public officials who have a conflict-of-interest in a decision must disqualify themselves from making that decision or face civil and criminal penalties.
- Disclosure also enables the public to judge whether there was a risk that a governmental decision was affected by a public official’s financial self-interest or that of supporters and friends.
(5 ILCS 420/4A-107) (from Ch. 127, par. 604A-107)
Sec. 4A-107. Any person required to file a statement of economic interests under this Article who willfully files a false or incomplete statement shall be guilty of a Class A misdemeanor.