Cyprus Mail

Revised proposal for capital statements within weeks

demetris demetriou
Demetris Demetriou

In the next two weeks, a revised proposal for the law on capital statements (‘Pothen Esches’) is expected to be submitted, Disy MP and chairman of the house institutions committee Revised proposal for capital statements within weeks said, following a meeting on Wednesday.

Capital statements or ‘pothen esches’ statements are filed by MPs, politically exposed persons, ministers, and the president, and they are meant to show the income and properties and business interests of the person.

Demetriou said that during the session on Wednesday, the laws 49 and 50 on ‘pothen esches’ and on exposed persons were discussed respectively.

“We are taking an important step on the one hand because the declaration will be made electronically and on the other hand because it will be done in such detail that the aim will be to close as many loopholes as possible through which someone could escape,” he said.

Also, he said that the recommendations of the Council of Europe’s Group of States Against Corruption’s (Greco’s) report are being followed, adding that there will also be a statement on movable property and valuables, statements on offshore companies, statements on cryptocurrencies or other assets that are currently not included with the aim of making the ‘pothen esches’ statement as comprehensive as possible.

Demetriou added that there will be a meeting with the IT department of the deputy ministry of research, innovation, digital policy to discuss the technical aspects of the electronic form. According to Demetriou, in the next two weeks there will an updated text of the proposal to be discussed at the end of the month.

The committee responsible for examining the forms is the three-member council that includes the house speaker and two other MPs.

He also said that he was hopeful that the law would be passed before the next ‘pothen esches’ statements need to be submitted, which for MPs will be in the summer of 2024.


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