Cabinet approves law to detail politicians' assets

The Cabinet approved yesterday changes to the Public Functionary Assets Disclosure Law that would place tougher restrictions on government officials and help make their assets more transparent to the public.

The Cabinet's revisions to the so-called "sunshine law," if passed by the legislature, would require government officials to put their assets into a trust within three months after disclosing their holdings to the public.

Should they fail to put their assets in a trust, government officials would be required to provide information on their financial transactions, government spokesman Su Tzen-ping (蘇正平) said yesterday.

The Cabinet's proposed changes attempt to prevent government policy-makers from taking advantage of inside information that may be acquired through their official positions.

"The draft would effectively eradicate any possible government corruption," Su quoted Premier Chang Chun-hsiung (張俊雄) as saying.

In addition, Su said the disclosure law would be enacted in accordance with the Trust Law and the Trust Enterprise Law.

The revisions also expand the definition as to who is considered to be a government official. The proposed rules have been broadened to include political appointees, deputy heads of government agencies, public school principals and their deputies and military officers above the rank of colonel.

Originally, the Control Yuan received asset disclosure reports on a yearly basis from just government officials such as the president and the vice president, presidents and vice presidents of the five government branches, paid advisors to the president, elected officers and representatives of counties and cities.

According to the proposed changes, assets belonging to a government official's spouse and children would also be required to be made public.

A fine of between NT$60,000 and NT$300,000 would be imposed against officials who fail to report their assets, or who are found to have furnished inaccurate statements to the Control Yuan.

The revisions to the disclosure law must now be reviewed in the legislature.