A public body on Monday called on all individuals designated as Publicly Exposed Persons (PEPs) to file their wealth declarations no later than August 31, warning that otherwise they would be liable to steep fines.

In a statement, the Tripartite Council noted that anyone not complying by that cutoff date can be fined up to €5,000, plus €100 thereafter for every additional day of non-compliance.

The Tripartite Council was appointed by the cabinet to oversee compliance with the law governing asset declarations by officials designated as PEPs. The three-member body comprises a prominent lawyer, a certified accountant and an official from the Tax Department.

The relevant legislation is known as ‘The Certain Publicly Exposed Persons and Certain Officials of the Republic of Cyprus Laws of 2004 through to 2017.’

The list of PEPs includes the heads of parliamentary parties who are not themselves MPs; the heads of parties without a seat in parliament; the government spokesman; the director of the President’s Office; mayors and municipal councilors; the Governor of the Central Bank; the auditor-general and the deputy auditor-general; and the various commissioners (such as the ombudsman/ombudswoman).