OREANDA-NEWS. December 24, 2013. The Financial Inspection will have the right of financial and economic control of businesses and individuals engaged in business activity.

It is provided by the amendments proposed by the Ministry of Finance within the fiscal policy project for 2014, approved by the Parliament in the first reading. They were made considering the fact that prior to reorganization of the Centre for Combating Economic Crimes and Corruption into the National Anti-Corruption Center, investigation of offenses and economic crimes, including financial, was carried out by the first institution.

After reorganization, these functions were not transferred to any of supervision bodies. At the same time, prosecuting authorities request the Financial Inspection to hold audits / inspections of financial business activities.

However, in accordance with the Law on the budget system and budget process, the Financial Inspection has the right to carry out the financial inspections in central, local public authorities and their subordinate institutions, state and municipal enterprises, commercial companies, which equity has a certain share of state participation as well as to check affiliated entities, individuals and legal entities that use public funds and public property managers.

Given the experience of Financial Inspection officers in holding the financial inspections and audits of economic agents, the agency will be empowered with functions of financial and economic control of legal entities and individuals engaged in entrepreneurial activity as well as financial inspection of public associations in time of initiation of criminal prosecution.