Spain’s King Felipe VI has said he won’t be accepting any future personal inheritance from his father.

Former King Juan Carlos has also been stripped of his retirement allowance in response to reports that he has millions of euros secreted in offshore accounts, Bloomberg News reports.

In an online statement King Felipe said he had decided “to relinquish any inheritance from Juan Carlos he might be entitled to, as well as any asset, investment or financial structure whose origins, characteristics or purpose may not be in accordance with the law.”

Felipe’s decision follows a number of reports about his father’s financial affairs and palace concerns that Juan Carlos’ activities risk causing lasting damage to the Spanish monarchy.

While he was widely regarded as a hero following his resistance to a military coup in 1981, Juan Carlos was later dogged by allegation of corruption, especially among his close associates, and eventually abdicated in 2014.

That same year Felipe’s sister, Cristina, was questioned concerning her knowledge of the financial affairs of her husband, Inigo Urdangarin, who is currently in jail for embezzling public funds.