President signs conflict of interest bill

07-04-2006

President Vaclav Klaus has signed a conflict of interest bill passed by both houses of Parliament earlier this year. The bill imposes stricter controls on property, income, or gifts of over 100, 000 crowns (the equivalent of just over 4,000 US dollars) belonging to politicians and other public officials, including members of the judiciary and the state administration. Equivalent or higher amounts will have to be declared. The bill comes into effect on January 1st, 2007. Anyone in violation of the law could face a fine of up to 500,000 crowns.