Lawmakers are working on passing legislation to create a more effective framework for the submission of wealth declarations by certain state officials and Politically Exposed Persons.
MPs in Cyprus have been unable to progress on the issue of mandatory capital statements for politically exposed persons, despite months of discussions. The House ethics committee acknowledged serious gaps in reaching an agreement on who should disclose their assets upon taking office. The accountants’ association suggested that the disclosure should include a capital statement, a clear declaration of assets including those of the spouse and children, and subsequent disclosures of income and expenses to illustrate an individual’s net worth. There is some consensus on the need for reform as the current form of capital statements, which includes details like vehicle ownership, has been criticized. However, disagreements persist on the format of the statements, what information should be public, the timing of disclosures, and specifically who should be required to submit these statements. Currently, the president, ministers, MPs, and MEPs are mandated to submit capital statements under article 49 of the law, with discussions ongoing about expanding this requirement to include other positions like government spokespersons, mayors, the attorney general, and commissioners. These discussions are being led by a three-member parliamentary committee.