(CNN) King Felipe VI of Spain has renounced his personal inheritance from his father, Juan Carlos I, amid allegations of financial impropriety. Felipe also renounced his right to any shares, investments or financial vehicles that "may be inconsistent with the law or the standards of honesty and integrity which govern his institutional and private activities and should inform the activities of the crown," according to a statement from the royal household, released Sunday. Sunday's statement is an attempt by Felipe to distance himself, and the institution, from reports in European media that the royal family had benefited from two financial funds linked to Juan Carlos. In addition, former monarch Juan Carlos will no longer receive an annual grant payment from the royal family budget, according to the statement.

Source: CNN March 17, 2020 14:03 UTC