Cyprus MPs Stall on Reform for Capital Statement Rules

Stalled Progress on Capital Statement Requirements for Politically Exposed Persons

In the latest development from the House ethics committee, MPs have hit a roadblock in resolving the contentious issue of capital statements for politically exposed persons. Despite extensive deliberations, a consensus on who should be mandated to reveal their financial assets upon assuming office remains elusive.

The accountants’ association, Selk, has put forward a recommendation that calls for individuals to submit a comprehensive capital statement and a transparent declaration of assets, inclusive of those belonging to their spouse and children. Additionally, they suggest that these statements should be updated periodically to reflect income and expenses.

Tax commissioner Sotiris Markides highlighted the importance of these statements, noting that they would essentially serve as an indicator of an individual’s net worth. While MPs seem to agree that the current form of capital statements has become a source of gossip, particularly with the requirement to disclose vehicle details, there is no consensus on the format of these statements or the extent of the information that should be made public.

The debate also extends to the timeframe for which public disclosures should be made and, crucially, who will be required to submit capital statements. As it stands, article 49 of the law mandates that the president, ministers, MPs, and MEPs must submit capital statements. Discussions are ongoing about whether other positions listed in article 50, such as the government spokesperson, mayors, the attorney general, and commissioners, should also be obligated to publish their financial statements under article 49.

The issue is currently in the hands of a three-member parliamentary committee led by the House president and two MPs, with assistance from the tax commissioner. As lawmakers continue to grapple with these questions, the public awaits a resolution that ensures transparency and accountability among its leaders.

asset disclosure

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