Following explosive revelations at a NSW corruption inquiry into the state's former ministers, the Greens have proposed changes to laws that determine the requirements of MPs to disclose their incomes and assets.

Former Labor minister Ian Macdonald will take the stand at the Independent Commission Against Corruption (ICAC) on Monday, as the commission investigates claims that he rigged a 2008 tender process for coal exploration licences in the Bylong Valley and that Labor powerbroker Eddie Obeid and his family gained substantial financial benefit from it.

The Greens are now calling for state MPs to publicly disclose all assets, income, loan and trusts under changes to disclosure laws.

The proposed rules would also apply to an MP's spouse or partner and immediate family member, including their children and children's partners.

Additionally, the party wants MPs to publicly declare their interest in a non-listed company that has business dealings with a state agency or a local council.

It says that under these rules, MPs who fail to declare key financial interests would face up to five years in jail and the loss of their seat.

"There is little use in allowing parliament to act as a judge and jury in pecuniary interest matters. Government MPs mostly get off without penalty," Greens MP John Kaye said in a statement on Monday.

"Deliberate and significant failure to disclose or wilful false declarations must be treated as a criminal matter," he said.

Mr Kaye said Labor's disclosure proposals, announced earlier this month, are a good start but don't go far enough.

He said all Greens NSW MPs will abide by the proposed financial disclosure rules voluntarily until they become mandatory.