Financial Markets International, Inc. (FMI)

Transparency and Public Accountability

Strengthening institutions and promoting responsive and accountable decision-making processes

Corruption and lack of transparency are the enemy of economic growth, and citizens must be empowered at all levels to hold officials, systems, and processes accountable. FMI’s transparency and public accountability programs are built on the premise that countries with high levels of corruption, or which lack effective governmental accountability, are unable to sustain growth and are more susceptible to systemic poverty and inequality. This work aims to improve the relationship between those who are governed and those who are democratically elected to govern. This includes working both with governmental institutions and civil society groups to strengthen capacities, internal controls, auditing procedures, budget analysis, MONEYVAL compliance, reporting, and public engagement. FMI has assisted policy-makers to design and implement anti-corruption plans, improve the quality and efficiency of government spending, draft public audit legislation and regulations, and mitigate the risk of fraud. FMI also works with local NGOs, CSOs, and audit firms to improve accountability and financial management and operational capacity.

FEATURED WORK

Reducing Opportunities for Corruption in Ukraine

FMI led efforts to support the adoption of anti-corruption measures across the financial sector, including developing Corruption Prevention Plans for the main financial market regulators and the deposit insurance fund. FMI implemented internationally-recognized best practices methodologies, working in collaboration with the Ministry of Justice and other governmental institutions. FMI also vetted and trained a local accounting firm to enable it to be a more prominent stakeholder in anti-corruption efforts after the conclusion of FMI’s project.

Reforming Public Financial Management in Bosnia-Herzegovina

As part of the ongoing USAID FINRA Activity, FMI is assisting public institutions and agencies in BiH to improve the quality government spending related to specific EU and IMF action plans. Technical priorities include internal and external audit related legislation, supporting systems that increase the effectiveness of auditors and other relevant public bodies in BiH to conduct performance audits, and financial reviews to prevent corruption. FMI will also work to reform the internal control environments (specifically to mitigate the risk of corruption and fraud) of various governmental and quasi-governmental institutions.

Improving NGO and Audit Capacity in Eastern Europe

FMI worked to build the financial and operational capacity of local NGOs in Ukraine, Moldova, and Belarus, while also assisting local audit firms to conduct Recipient Contracted Audits. FMI improved the quality and range of audit and consulting services offered by 11 audit firms, focusing on their ability to promote transparency and accountability of local organizations. By engaging with both NGOs and audit firms, FMI created a sustainable mechanism to build the capacity of local organizations, increase aid effectiveness, and elevated the likelihood of sustainability as accountability becomes more locally owned.