Bill on non-bank financial organizations should be improved, CAPC

The bill on non-bank financial organizations should be improved. Its quality will be much better of certain norm containing corruptibility factors are reviewed. The Center for the Analysis and Prevention of Corruption (CAPC) examined the bill and identified a number of risks, Info-Prim Neo reports. According to CAPC expert Mariana Calughin, the norms that contain risk factors concern the law norms, the cumulating of the powers to set, levy and use taxes on public services and to draft documents, monitor their application and impose penalties. The CAPC says that the provisions concerning the setting of powers by the formula ‘has the right’ or ‘can’ may also lead to corruptibility. The bill also contains unrealizable norms, terms without a definite meaning, unjustified terms, non-exhaustive reasons for holding those to blame accountable. In a news conference, Mariana Calughin said that the announced goal of the bill is to ensure the sustainability of the sector of microfinance organizations. These changes should be achieved by diminishing the systemic risks and protecting consumers’ rights, working out a mechanism for supervising these organizations and agreeing the work conditions and requirements as regards the classification of loans. The CAPC says it was unable to analyze the achievability of the goal as many regulations are left to be adopted by the supervision authorities. However, Mariana Calughin and CAPC director Galina Bostan said the bill is compatible with the Moldovan legislation and can be efficient The CAPC examined the bill within the project “Assessment of Corruption Risks of Normative and Legislative Acts – Stage V” that is supported financially by the Civil Rights Defenders of Sweden and the Swedish International Development Cooperation Agency.