Financial Integrity Bureau (Makko Oko)
 | This article is incomplete because it is pending further input from participants, or it is a work-in-progress by one author. Please comment on this article's talk page to share your input, comments and questions. Note: To contribute to this article, you may need to seek help from the author(s) of this page. |
| File:Makko Oko Financial Integrity Bureau Logo.png | |
| Agency overview | |
|---|---|
| Formed | 7 March 2022 |
| Jurisdiction |  Makko Oko |
| Agency executive |
|
| Parent agency | Ministry of Finance |
| Website | fib.gov.mk |
The Financial Integrity Bureau, also referred to as the FIB, is a government financial regulatory agency in the Empire Of Makko Oko under the directive and control of the Ministry Of Finance. Its mission is to protect the interests and finances of citizen bankers both nationally and abroad. The agency was established through the International Banking Protections Act, or IBPA, enacted in March of 2022. The law sought to restrict the liabilities of the at the time unregulated, banking industry and restricting international bank participation within the nation.
The FIB is one of the most silent agencies of the government, rarely releasing press announcements or updates on agency affairs. As enforced by statute, the power to regulate international commerce (banking) is split between the TCEEA and the FIB, with the TCEEA managing tax regulations and approvals and the FIB managing institutional licenses.
History
Pre-FIB
Prior to the FIB, no agency had existed prior in the nation's history that fulfilled a mission similar to theirs. This led to a lot of bank failures, poverty and corruption throughout the lower periods of the Republic going into the Civil Transition War. Historians believe that the government kept it that way intentionally as an exchange for bribery money, among other reasons.
Post-War Era
After the war, the lack of a banking regulator continued from 2019 to 2022 when Emperor Conall Solis began cracking down on foreign manipulation, government overreach and abuse by enacting the International Banking Protections Act. The act heavily regulated stocks and securities and enforced taxation of citizens living abroad. In addition, it established the FIB and authorized them to "[...] insure money and cover it", officially creating the nation's first financial regulator.
People criticized the act for not mandating and enforcing the purchase and use of insurance to protect them as bankers. Meanwhile, many of the major banks criticized the act for "blatant overreach" and "changing the landscape that's not needed shaping since the 90's and early 2000's".
Effects Of Order #3
Organization
Insurance
Operating Licenses
Authority
Management of Licenses
Oversight of Institution's Management
Commissioner Of FIB
History
| Name | Start year | End year | Regime |
|---|---|---|---|
| Lawrence Otto | March 7th, 2022 | Present | Conall Solis |
