For three years, the Parliamentary Committee on Institutions has been discussing a bill to reform the Asset Declaration law. The proposed changes stem from identified gaps in the current legislation, which is considered insufficient.
To many, the current Pothen Esches law is a mockery. It fails to provide a complete picture of the assets and potential changes in the wealth of those under scrutiny.
The Committee has been meeting for three years and is reportedly nearing the end of its discussions, with the bill likely to be voted on this week. Unless a political party requests a postponement, the existing legislation will still apply for this year.
It is our opinion that the bill should be passed this week to finally resolve this long-standing issue, which has troubled both society and the parliament.
The Committee on Institutions has made significant progress, proposing changes that will greatly enhance transparency.
Among these changes is the requirement for a “capital statement” to be submitted through a certified accountant. This statement will be reviewed by the Tax Commissioner and will include a detailed list of the official’s assets (income and expenses), as well as the assets of their spouse and dependent children.
Additionally, the detailed list of the official’s assets will be made public, while only the net asset position (a number representing the assets) of spouses and dependent children will be disclosed.
The parliament will be judged on this issue as well, regarding the declaration of assets by Politically Exposed Persons (PEPs) and other state officials. It will be assessed on the outcome and whether the new legislation is passed. The decision, or not, of the Attorney General and the Deputy Attorney General in this legislation, requiring them to submit asset declarations, will also be a point of evaluation.
Three years is a long time. Despite the difficulties, three years of discussions is a substantial period. There needs to be a conclusion. Moreover, the implementation of the new law should enhance transparency and democracy. Transparency must be complete.
