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Private financial Institutions, endowments and share companies will be the main focus area of investigation by the Federal Ethics and Anti Corruption Commission (FEACC) in a new regulation that is awaiting approval from the Prime Minister to be referred to the House of Peoples’ Representatives.
The draft proclamation will focus on organizations that manage public money, such as share companies, and will bestow the commission full access to investigate and charge private businesses that are suspected of fraudulent activities.
According to the information from FEACC, the draft proclamation will not only tackle corruption cases occurring in private companies or institutions but it is also expected to deal with the setbacks observed in the implementation of the existing proclamation.
The anti-corruption law issued a decade ago did not allow FEACC to handle corruption crimes committed by the private sector. It was limited to fighting corruption occurring in governmental organisations.
Sources told Capital that the draft proclamation is currently being reviewed by the Office of the Prime Minister. The draft will then be referred to the Council of Ministers and then will go to the House of Peoples’ representatives. FEACC also hopes that the draft proclamation will be ratified by the parliament in the current budget year.
According to the draft regulation, business enterprises managing finances mobilised from the public, as well as share companies involved in manufacturing, agriculture, trade, construction, transport, finance and others will also be investigated. Financial institutions even those that are not formed through share companies, professional associations, federations, confederations, cooperatives, unions, development associations, non-governmental organizations and nongovernmental associations (endowments and foundations) will also be included by the new law.
International organizations, political parties, religious institutions, small scale institutions, ‘ekub’ and ‘Idir’ associations that are believed to managed public assets that will not be affected by the law.