The Ministry of Finance and Economic Development, formerly known as Ministry of Finance and Development Planning was established in 1970 by merging the then Ministry of Finance and the Ministry of Development Planning. In 1983 the Ministry was reorganized in to three functional divisions namely;
· Public Finance Management,
· Financial Affairs (under which was the Office of the Accountant General),
· Economic Affairs.
In 1996 the Ministry was again reviewed and reorganized to accommodate changing economic and financial policies adopted by the government. The Public Finance Management was restructured and renamed Budget Administration.
The Ministry was once again re-organized in 2005 and was divided into;
· Economic and Financial Policy headed by a Secretary at Permanent Secretary Level,
· Development and Budget headed by a Secretary at Permanent Secretary Level,
· Office of the Accountant General Headed by Accountant General which is Permanent Secretary Level. (Under the Office of Accountant General is the Government Procurement Office which was initially called the Department of Supply and is headed by Assistant Accountant General Procurement).
· Corporate Services headed by the Deputy Permanent Secretary
· Internal Audit headed by the Director.
In 2009 the Financial Intelligence Agency was constituted through an Act of Parliament whose responsibility is to combat financial crimes in particular Money Laundering and the Financing of Terrorism. It is an autonomous body under Ministry of Finance and Development Planning by Director at Permanent Secretary Level.
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