MPs disagree over procedures for capital statement changes

MPs at the House institutions committee are hoping two bills over capital statements (pothen esches) of politically exposed persons can head to plenum by December 7 to be passed into law.

During Wednesday’s session, deputies began discussing the bills which will be shared with other committees for comments.

After a two-week deadline, the bills will return to the House institutions committee to wrap up discussions and head to plenum.

Some of the key introductions surrounding the bills include a digital submission of the capital statements, as well as the inclusion of offshore companies, cryptocurrencies and valuables.

Selective disclosure of capital statements will be a criminal offence – meaning omissions will be a punishable offence – while the degree of the sentence is still being discussed.

The bills include an obligation to submit a declaration of assets within four months of taking up office, though the issue of submitting interim updated declarations will be discussed, with Akel MPs Andreas Pasiourtidis and Irene Charalambides proposing that it should remain as it is, at every three years.

Independent MP Alexandra Attalides proposed it should be done annually, together with the submission of tax returns.

Another issue raised for discussion was the length of time the statements would be retained after the completion of the official’s term of office. Initially it was envisaged that they would be deleted after three years, but it was then proposed to make it six years, as is the case for tax returns.

A special website is slated to be set up for the statements, headed by a special committee, comprised of the House speaker, two MPs and assisted by the tax commissioner. It will be responsible for publishing all relevant documents and the names of those who did not file returns on time.