Veteran Umno leader Tengku Razaleigh Hamzah has urged all cabinet ministers and parliamentarians to declare their assets to Parliament.

The former finance minister and current Gua Musang MP said their asset declaration should be done periodically and must be kept on record by an independent body that should be created using the Parliament Act.

"The asset declaration must include all past MPs, cabinet members and also those in the public and private sectors who are in decision-making positions," he said.

He said that the PM and the finance minister should never be in a position of “conflicting interests”.

“This conflict of interest is a serious issue. That this matter might have been accepted by the Parliament all along does not reflect well for it,” he said.

He said that the financial state of the country is in an “unprecedented” state.

He also said that apart from the economy, the vital institutions of the country are also eroding.