New law in Peru demands asset declaration of public officials

Peru's public officials will from now on be legally obliged to make a formal declaration of their assets before taking up their duties, according to a new law approved by Congress.

The president of the Congress' justice commission, Salvador Heresi, told the chamber that the new law meant Peruvian lawmakers will see more fiscal supervision as a move to stop rampant corruption in the country.

According to Heresi, the law will regulate the transparency of power, including by having to report on incomes of public officials. He said that asset declaration will allow for a better exercising of power.

The law concerns all people working for the state, including public officials, close advisors and assessors, as well as career public servants.

According to Peru's controller general, losses due to corruption in the country amounted to around 3.676 billion U.S. dollars in 2015. Endi