Greater transparency and an “overall understanding of Government’s assets and liabilities” will emerge thanks to a new law, the Senate was told yesterday.

Senator Michael Fahy, Minister of Home Affairs, said full financial reports from all public bodies, including quangos, would now be required.

“We only have a fragmented view of the activities of Government, it’s impossible to get a complete picture,” he said. Existing legislation meant not all public bodies had the same level of financial disclosure. They submitted annual accounts but there were inconsistencies in the level of information provided.

Detailed financial reports will be necessary and will be consolidated now the Senate has passed the Public Treasury (Administration and Payments) Amendment Act 2014. Independent Senator James Jardine said: “It’s extremely important that all major operations controlled by the Government are combined so that we get an overall picture of what is happening. We’ve a responsibility to look more closely.

“I suspect the entities which will be included include Bermuda College, Bermuda Hospitals Boards, the West End Development Corporation, Bermuda Housing Corporation.

“I’d have liked to have seen a timeline, there should be deadline so people can’t wriggle out of not preparing their accounts, there are plenty of auditors on the Island.” Mr Fahy said some details had yet to be worked out and a deadline had not been put in place but “I’m hopeful we can improve on that”.

The Opposition also welcomed the move towards greater transparency of the Government’s accounts.

PLP Senator Diallo Rabain said: “This is something that’s been a long time in the works — we support it fully.”