Spain to ban company donations to political parties, publish funds, loans received on website

The Spanish government has proposed legislation to prohibit political parties from receiving donations from companies.

Deputy Prime Minister Soraya Saenz de Santamaria said Friday that the bill would oblige parties to publish donations and bank loans received on their websites. It also forbids financial entities from pardoning loans to parties.

The bill, which must be approved by Parliament, comes as Spain's National Court investigates allegations of slush fund payments to a former treasurer of the ruling Popular Party over two decades.

Companies previously could make donations of up to 100,000 euros ($137,000) to parties.

Individuals may make donations, but if they exceed 50,000 euros the parties will be obliged to publish their names.