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. Last Updated: 07/27/2016

Official: $3Bln Misused in 2001

Regulators uncovered misuses of government money amounting to more than $3 billion in 2001, a Finance Ministry official said Tuesday at a Federation Council conference.

Alexander Akhpolov, head of the ministry's state financial regulation and audit department, said the violations were found in the course of 49,500 audits and inspections, Interfax reported. As a result, 10,000 officials were implicated and 625 criminal cases were opened in 2001.

Tuesday's conference was dedicated to the development of a concept of state financial regulation, which aims to improve coordination among various agencies. The government is reviewing two proposals, one submitted by the Finance Ministry and the other by the Audit Chamber.

A current lack of coordination has led to duplicated efforts and poor information sharing, the Strana.ru web site reported, citing Sergei Agaptsov, head of the Federation Council's commission for cooperation with the Audit Chamber.

The Federation Council recommended that the government form a joint working group with parliament by June 10 to developed the concept.