Political parties would have to disclose who funds their election campaigns under new legislation proposed by Marc Bean yesterday.

The Opposition leader called a press conference to push for a new good governance law to outlaw corruption and shine a light on political party funding and politicians’ financial interests.

In 2009, MP Wayne Furbert called for a law to force political parties to disclose financial donations above a certain amount and reveal where they came from but the idea never gained traction.

Mr Furbert was an independent at the time and now represents the Progressive Labour Party.

The Island’s MPs and senators declare their personal financial interests voluntarily on a register which can be viewed by members of the public at Sessions House. It was introduced after a long-running one-man campaign by MP Trevor Moniz, who is now the Attorney-General.

Mr Bean, flanked by members of his shadow cabinet, said a new law was needed to:

• ensure full transparency on political campaign finance;

• require MPs and senators to declare all their financial interests, including those held in trusts;

• widen the definition of corruption to make unethical behaviour illegal;

• create tougher sentences for Cabinet ministers, MPs, civil servants and members of the public found guilty of corruption;

• stop politicians profiting from their government knowledge and contacts once they have left office.

“Good governance protects the public purse, protects the interests of Bermudians, raises the standards of governance and enhances investor confidence,” Mr Bean said. “Good governance is good for Bermuda.”

Asked why such robust legislation was not introduced when the PLP was in power, he said the party started the process of improving governance but it was a step-by-step process.

“Unfortunately it seems as if the One Bermuda Alliance have been very reluctant to implement good governance,” he added. “Why? You’d have to ask them.”

Mr Bean said his party backed the recently announced Commission of Inquiry into the handling of public funds between 2009 and 2012 and would initiate its own commissions into historic land theft, the airport development, Jetgate and the Hamilton waterfront “fiasco” if elected back into power.

He said the commission into the Auditor-General’s findings of numerous breaches of financial instructions needed to be longer than three months and more like six to nine months to ensure it was thorough and could not be dismissed as a “whitewash or cover-up”.

“It is important that the truth be revealed, and if any wrongdoing has occurred, that it be exposed,” he said. “Our position is that anyone engaged in corruption, malfeasance or insider dealing must be exposed, convicted and punished to the fullest extent of the law, whether they are UBP, PLP or OBA.”

He said some would be surprised at the PLP’s support of the Commission of Inquiry because “generally speaking, the public narrative is that the PLP would defend the indefensible, despite the fact that we are the only party to take a definitive stand on good governance”.