Wealth declaration bills for the politically exposed to be voted on next month

MPs are expected to vote next month on bills to establish an effective framework for wealth declarations by state officials and Politically Exposed Persons (PEPs), following three years of discussions that concluded on Wednesday.

The two bills on asset declarations (known as Pothen Esches) will be presented for a vote in the plenary session of the House on July 4, after three years and 23 meetings, said the chairman of the House ethics committee and Disy MP Demitris Demetriou.

But he estimated that a one-week postponement might be requested, potentially delaying the vote to the last legislative plenary session on July 11.

Describing the legislation as “a total major change”, Demetriou highlighted that PEPs and officials whose asset declarations were publicly disclosed until now will not make asset declarations but capital statements. He clarified that they will not be controlled by the three-member committee of the House, but will be sent to the Tax Commissioner for substantial control.

In addition to financial assets, Demetriou stated the net asset position of the entire family of the obligated person will also be disclosed. “These are changes that finally, I believe, put the asset declaration legislation into substance,” meaning, he added, that there will be control over how the declared assets were acquired.

Reflecting on the lengthy legislative process, the Disy MP said discussions on the issue had “its ups and many downs”, adding that legislators “must also do self-criticism”.

He also thanked all the members of the committee “for their responsible stance”, recalling pivotal decisions such as the inclusion of the attorney-general and deputy attorney-general in the declaration requirements.

In response to a journalist’s comment regarding privacy, Demetriou said that the declarations of the spouses or partners, or the minor children and dependents will not be publicly disclosed. He stressed that there is no issue of personal data violation.

When asked about the inclusion of Supreme Court judges, Demetriou confirmed they are not covered under the current legislation, distinguishing them as a separate judicial authority from the attorney-general and deputy attorney-general, who are independent institutions.

Under the proposed bill, wealth declarations must be submitted within four months of a person’s appointment, with the Tax Commissioner receiving them within 15 days for thorough review. The declarations will be published 30 days after the filing deadline and remain accessible throughout the person’s tenure and for one year after they leave office.