Geoffrey Williams of Malaysia University of Science and Technology said they should do this to prove they had no conflicts of interest.
He told FMT he was concerned over the possibility of tax evasion by those with offshore accounts.
“The net must be cast wide to include everyone associated with tax evasion or the benefits of illegal activities, including family members and business associates,” he said.
Williams spoke of the possibility of politicians using “low-tax options” such as offshore accounts and said this would not be a problem if the transactions were not used to hide funds or sources of income.
“If there is disclosure of financial issues, what they do with their money after that is their own concern,” he said. “If they use low-tax options or offshore investments, there should be no interference if they abide by the law and pay taxes.
“The public, overall, is fair minded and recognises that public service should be rewarded. The concern arises when there’s a cover up.”
He said using offshore accounts to hide funds and income could be considered tax evasion. “The risk is relatively low and very much worth it in financial terms.”
Williams said that in recent history, those caught committing “this victimless crime” would simply strike a deal with the tax office or find a financial settlement.
“Heavy imprisonment and effective enforcement by the investigation and judicial authorities is the only real way to stop tax evasion,” he said.
Another economist, Fatimah Mohamed Arshad, said politicians should quit politics if they wanted to have offshore accounts because they had obligations to the public.
She said the fundamental issue was that their “extra activities” might involve corruption.
“These activities have to be curbed. Any abnormal or excessive profits has to be audited,” she said.
Fatimah alleged that cronyism and too much power had led to rent-seeking practices among politicians and public officials at all levels.
“In view of our deep and entrenched corruption culture, laws should be introduced to curb such massive leakages. Once the problem is minimised, we may revisit the issue,” she said.