This comes after the assembly's worst corruption scandal in decades over an alleged attempt by Qatar to buy influence.
The President of the European Parliament, Roberta Metsola, is ready to turn the institution upside down so that a corruption scandal such as the one currently shaking up Brussels will never happen again
Metsola has announced changes to promote transparency and prevent the bribery of MEPs by countries or lobbies.
"Trust that has taken years to build, but only moments to destroy will need to be rebuilt. And this work starts now," said the President of the European Parliament, Roberta Metsola.
"We need to right the wrongs and we need to send a powerful message to those external actors who try to undermine us, that we will not yield. That we will stand by our values, the rule of law, justice and due process."
Greek MEP Eva Kaili, who also serves as vice-president of the European Parliament, her partner Franceso Giorgi, and two others are accused of corruption, money laundering and criminal operations, all linked to possible Qatari and Moroccan schemes to illegally influence the Parliament.
The former Italian MEP Antonio Panzeri is also implicated in the alleged plot.
According to Politico, Panzeri stands accused of leaning on his former Parliament colleagues for Qatar and Morocco’s benefit — and taking money to do so.
An investigation has also been launched into the NGO "No Peace Without Justice".
Its head, Nicollo-Figa Talamanca, has been released with an electronic bracelet.
Belgian police seized more than 1.5 million euros in connection with the recent arrests.
In exchange for this money, those involved are suspected of lobbying the European Parliament in favour of countries thought to include Qatar or Morocco.
Eva Kaili is due to appear in court in Brussels next Thursday.