68. Are elected officials required to submit reports regarding their finances?

"[...] An asset declaration has also been required from MPs and senior elected officials since 2005. While the Court of Audit provides extensive explanations on how to make the required declarations, there is no information available about the effectiveness of the control mechanism. The most significant information provided by the Court of Audit is the list of those who failed to submit their declarations. Failing to submit declarations may be punished by a maximum penalty of EUR 5 000. No data are available on the actual implementation of this rule, although at least one person is reported to have been penalised. Asset declarations are submitted in a sealed envelope, and are opened only in the event of a criminal investigation. Lack of institutional oversight combined with the lack of public access to any data on asset declarations means that such declarations are not effectively verified in practice" (Source:  EUROPEAN. COMMISSION. Brussels, 3.2.2014. COM(2014) 38 final. REPORT FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN. PARLIAMENT. EU ANTI-CORRUPTION REPORT (ANNEX 1 Belgium)), p. 7).

No specific data on requirement to submit reports of their finances, but an asset declaration is required from MPs and senior elected officials since 2005. However they are disclosed only i the event of a criminal investigation.