Guatemalan lawmakers have passed a bill dramatically reducing prison sentences for electoral financing crimes, acting as President Jimmy Morales is under suspicion of receiving illicit campaign funds.

The bill lowers penalties for unregistered contributions and anonymous financing to one to five years. That's down from four to 12 previously.

Offenders would also be eligible for a commutable sentence. And legal representatives of political parties will now be absolved of any responsibility.

The bill passed Thursday by a vote of 93-18.

Morales is suspected of receiving more than $1 million in undeclared contributions during the 2015 presidential campaign. He has denied wrongdoing.