Peter Magyar announces asset verification law for Hungarian politicians

Hungarian Prime Minister Peter Magyar has announced a proposed law that would allow for the verification of politicians' wealth dating back up to 20 years. The legislation, which is to be submitted to the Hungarian Parliament without delay, aims to ensure that the assets and lifestyles of officials align with their declared incomes and asset declarations.

The proposed controls would cover members of parliament, prime ministers, ministers, state secretaries, government commissioners, and prime ministerial commissioners. This includes current officials as well as those whose mandates ended within the last five years.

The National Tax and Customs Administration (NAV) would be responsible for conducting these detailed audits, including investigations into real estate, bank accounts, business holdings, and investments. For current politicians, verification would begin two years after their initial appointment. If a member of parliament or the government resigns or is removed, NAV would automatically initiate a check within 30 days.

If an audit reveals a tax deficit of at least five million forints, the individual's name, position, and the amount of the deficit would be published on a public NAV list. Magyar stated that the era of Fidesz politicians cynically reporting inaccurate asset data while maintaining lifestyles inconsistent with their paperwork must end.