The Consideration of Bills Committee yesterday agreed that political parties should ensure they keep accounting records in accordance with generally accepted principles and practices.

Opposition MP Claudio Grech argued that principles established under the Companies Act should be applicable to political parties. This would send the message that they are treated no differently.

Attorney General Peter Grech said that when drafting the provision, drafters sought to find a balance so as not to stifle small political parties.

Justice Minister Owen Bonnici suggested the insertion of a provision requiring that a political party’s financial secretary follow accounting principles under the Companies Act. The amendment was approved unanimously.