Johannesburg - Political party officials face fines of up to R500 000 or two years’ imprisonment for contravening a new law that will ensure they reveal their sources of funding.
All political parties registered with the Independent Electoral Commission (IEC) will have to reveal donations beyond R100 000 a year.
“All donations received by political parties which exceed the disclosure threshold must be reported to the commission,” reads the draft regulations.
The IEC will publish a list of all donations received by political parties quarterly.
Other key provisions include the requirement that the parties and donors separately disclose all donations beyond the threshold of R100 000 a year.
An electronic online submission system is being developed to facilitate easy and efficient declarations.
President Cyril Ramaphosa signed the Political Party Funding Act into law in January.
This week, the IEC said the act would be phased in over three years.
The commission has invited South Africans to comment on the draft political party funding regulations.