5. Financial Transparency
5.1 Market Stability
5.2 Independent Asset Valuers
5.3 Data Standards

5. Financial Transparency

Goal – A well developed and transparent financial system that includes strong supporting institutions and highly trained and ethical professionals that contribute to effective financial intermediation and deep and broad access to capital and financial services

5.1 Market Stability (Strong)

Core Question:  Are market risks sufficiently transparent and diversified so that efficient capital allocation can occur?

Yes – Strong

5.1.1 Financial Reporting (Strong)

What is the strength of the country’s auditing and reporting standards?

Strong – 50 out of 140; Score 5 out of 7

5.1.2 Financial Services (Strong)

Does the financial sector provide a wide variety of financial services to businesses?

Strong – 68 out of 140; Score 4.4 out of 7

The Global Competitiveness Report 2015-2016, World Economic Forum /

5.1.3 Insolvency Process (Weak)

Strong – Ranking – 107 out of 189 What is the average time to complete bankruptcy proceedings?

3 years What is the cost of bankruptcy proceedings as a percentage of the estate?

14.5%  What is the recovery rate of bankruptcy proceedings? 

27.2 cents on the dollar

Doing Business 2016 – Closing a Business

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5.2 Independent Asset Valuers (Weak)

Core Question: Do trained, independent and ethical asset valuers exist for all types of assets?  

No – Weak

Survey Questions

5.2.1 Standards (Weak)

SQ 17  How easy is it to find a valuer who implements International Valuation Standards?

Weak — Non-member Int. Valuation Standards Council; ASOCOVA denied 2006; no education or qualification standards.

Civil Society Resource: TEGoVA

5.2.2 Training (Weak)

SQ 18  What is the level of training of valuers?

Weak – typically architects or engineers only implementing cost approach.


5.2.3 Ethics (Weak)

SQ 19  Are opinions offered by valuers free of influence from parties to the transaction?

No – Weak, small community of valuers–overly influenced by sellers–no education requirements.

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5.3 Data Standards (Weak)

Core Question: Is accurate property information available electronically in formats that are consistent with international standards?

No – Weak

Survey Questions

5.3.1 Sales & Operating Data (Weak)

SQ 20  A multiple listing service is an electronic exchange system where brokers and agents can widely share contracted real estate listings of properties that are for sale. Do multiple listing type services exist?

No – Weak, Limited MLS, local standards in place, not an international format.


SQ 21  Do resources exist for obtaining building income and expense estimates?

5.3.2 Interchange Formats (Weak)

SQ 22  Do electronic data interchange formats conform to international standards (ebXML – electronic business using extensive markup language)?

No – Weak, no ebXML format requirements; customs process incomplete; certain invoicing progressing.

Civil Society Resource: Open Standards Consortium for Real Estate International,

5.3.3 Technical Standards (Weak)

SQ 23  Do building codes and office building measurement standards (ANSI/BOMA Z65.1) conform to international standards?

No – Weak, limited MLS service is unreliable; electronic registry is a work in process.

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