Disagreements stall capital statement talks

MPs failed to make headway on Wednesday over the controversial capital statements that politically exposed persons are expected to publish. Despite months of discussions, lawmakers are still trying to agree who should be required to disclose their assets when taking office.

During a session at the House ethics committee, MPs concluded there are still serious gaps on the matter, as lawmakers have yet to reach a common ground.

The accountants’ association (Selk) has proposed submitting a capital statement as well as a clear declaration of assets when they take office. This should also include assets linked to their spouse and children.

A subsequent disclosure should include the income and expenses for the period.

Tax commissioner Sotiris Markides explain that essentially there would be a number illustrating an individual’s net worth.

So far, MPs appear to be in agreement of the idea, suggesting that the existing form of capital statements has become a source of gossip, as it included details of their vehicles that they had to declare.

Nonetheless, lawmakers could not agree on the template capital statements should be based on, nor what should be made public.

They also could not agree on the scope of time there should be public disclosures on, and most importantly, who will be required to submit capital statements.

Currently, article 49 of the law specifies the president, ministers, MPs and MEPs are required to submit capital statements.

There are ongoing discussions on whether positions currently listed in article 50 such as the government spokesperson, mayors, the attorney general and commissioners – should also be moved to article 49 and thus be required to publish capital statements.

The matter is currently being discussed in a three-member parliamentary committee, headed by the House president, two MPs and assisted by the tax commissioner.