MADRID (AP) — The Spanish government is set to pass a decree Tuesday aimed at boosting transparency in a monarchy still reeling from scandals involving King Felipe VI’s father, Juan Carlos. The move comes a day after Felipe made public his personal assets of 2.6 million euros ($2.8 million) for the first time .
The government said the decree, to be approved at its weekly cabinet meeting, would “strengthen transparency, accountability, efficiency and exemplarity in the royal household.”
In recent years Spain’s royal family has been tarnished by allegations of financial wrongdoing involving former King Juan Carlos. The most recent scandal involved investigations into millions of dollars in foreign accounts that saw Juan Carlos leave Spain for the United Arab Emirates in 2020.
On Monday, the palace said that the unprecedented disclosure of Felipe’s estate was part of a wider push toward a modernization aimed at making the monarchy “worthy of the respect and trust of its citizens.”
The palace said the king’s wealth was made up of around 2.3m euros in savings, current accounts and securities. The rest is in art, antiques and jewelry.
The king does not have any real estate or any financial dealings abroad, a palace official said.
Felipe’s wealth stems from his earnings as king and those he received as heir-in-waiting to Juan Carlos, who abdicated in 2014.
The palace statement noted that the king had paid tax on all his earnings.
Minutes after the disclosure, the Spanish government announced it would approve the transparency decree Tuesday.
In 2020, Felipe renounced his personal inheritance from his father after allegations emerged of financial wrongdoings. Months later, Juan Carlos left Spain and moved to the United Arab Emirates.
Investigations by Spanish and Swiss prosecutors into Juan Carlos’ dealing have since been shelved.
Juan Carlos, who helped steer Spain back to democracy following the death of dictator Gen. Francisco Franco in 1975, was once Spain’s most respected public figure. But scandals of one type or another affecting the family began to mount in the later years of his reign.