State Financial System Research Articles

NATIONAL INTERESTS OF UKRAINE IN THE FIELD OF FINANCIAL SECURITY

The article investigates the system of financial security in Ukraine and its national interests in this domain. It proposes to consider the financial security of the state as ensuring the development of the financial system and financial relations, as well as economic processes, creating the necessary financial conditions for the socio-economic and financial stability of Ukraine's development, maintaining the integrity and unity of the financial system (including the monetary, budgetary, credit, tax, and currency systems), and successfully overcoming internal and external threats to the country in the financial sphere. It is substantiated that financial security reflects the state and readiness of the state's financial system for timely and reliable financial support of economic needs on a scale sufficient to maintain the necessary level of economic and military security of Ukraine. It is proven that the most important national interests of Ukraine in the financial sphere include: supporting state expenditures in accordance with available resources; ensuring targeted financing of state programs (primarily social ones); investing in the field of high-tech and knowledge-intensive production; mitigating the impact of global financial crises on the national economy; overcoming discrepancies regarding the distribution and use of budgetary resources; strengthening measures to restrain inflationary processes in the economy and maintaining a stable high exchange rate of the national currency; countering illegal capital outflow abroad; attracting foreign investments (especially long-term ones in the industrial sector of the economy); adopting effective regulatory legal acts ensuring the normal functioning of the country's financial system; building an effective law enforcement mechanism to protect state finances from the influence of criminal activities and encroachments.

The mediating role of behavioral intention on factors influencing user behavior in the E-government state financial application system at the Indonesian Ministry of Finance

The mediating role of behavioral intention on factors influencing user behavior in the E-government state financial application system at the Indonesian Ministry of Finance

Regulatory Sandbox dan Implementasi pada Inovasi berbasis Financial Technology (Fintech)

Abstract. The development of financial innovation called "Financial Technology" has developed rapidly so far. Disruption to digital finance certainly needs to be regulated in such a way as to minimize risk and stabilize the state financial system. In an effort to regulate this innovation, regulators place limits on digital forms of finance that are widely used by the public. Today's society tends to have an instant, easy lifestyle, and use online transactions. In this era, digital finance is at the top of society, one of the most forms of fintech is application-based lending that brings together lenders and recipients/borrowers in one application. With digital financial innovation getting fast attention from competitors in the business world outside of banks, they tend to take advantage of the community and namely the rise of online loans. One of the efforts to mitigate risk by financial institutions is to issue a Regulatory Sandbox policy through Bank Indonesia Regulation Number PBI No.19/12/PBI/2017 of 2017 concerning the Implementation of Financial Technology and Financial Services Authority Regulation (POJK) Number 13/POJK.02/ 2018 of 2018 concerning Digital Financial Innovation in the Financial Services Sector (POJK 13/2018). This study intends to analyze the extent to which these regulatory issues have represented the needs of agencies and society. This legal research uses empirical legal research methods, which this research relies on applicable laws and regulations as well as other related literature. The results of this research are the ineffectiveness of current regulations among the public and regulators as well as the increasingly complex problems faced by financial institutions, especially in the field of banking.

БЮДЖЕТ РАЗВИТИЯ – ОСНОВА РОСТА СОЦИАЛЬНО-ЭКОНОМИЧЕСКОГО РАЗВИТИЯ ИРАФСКОГО МУНИЦИПАЛЬНОГО РАЙОНА РЕСПУБЛИКИ СЕВЕРНАЯ ОСЕТИЯ-АЛАНИЯ

The article is devoted to the study of the effectiveness of local budgets as one of the main components of the formation of a development budget using the example of the local budget of a municipal entity (hereinafter referred to as MO) of the Irafsky district of the Republic of North Ossetia-Alania (hereinafter referred to as RNO-Alania). The development budget is a state financial system that is based on attracting external and internal resources to finance investment programs, as well as a permanent economic system based on the systematic replenishment of credit resources. The object of the study is the local budgets of North Ossetia-Alania. The subject of the study is the revenue and expenditure parts of the local budget of the Iraf district. The purpose of this article is all possible ways to find the main ways and methods of increasing the revenue base of local budgets, in order to form a development budget at the local level on this basis. Achieving this goal was carried out through the use of general scientific methods: qualitative, quantitative, comparative and statistical methods, as well as abstract logical and systems analysis. The result of the study was the formation of a development budget, both at the local and municipal levels. After all, it is this budget that determines the size and pace of development of the production capacities of organizations and enterprises, the scale and efficiency of research and development work. The theoretical and practical significance of the obtained result of the scientific article is that the development budget allows us to identify all problem areas of the economy and determine the necessary reforms in it, also helps to attract investments into the budget and create the necessary favorable environment for investors, which improves the socio-economic situation local authorities as a whole. The research materials were federal and legislative acts that are directly related to the subject of the study. The problem of the development budget is a very important aspect of productive work, which is increasingly attracting the attention of the professional community and, of course, public authorities of the Russian Federation at all its levels.

Transparency and Accountability of Village Fund Management

This Literature System Review seeks to assess the application of financial management principles, specifically transparency and accountability, in the management of state finances at the Village APBDes. The Elucidation to Law of the Republic of Indonesia Number 17 of 2003 on State Finances states that the overall objective of state financial management is to promote good governance in state administration. Therefore, state financial management should be conducted in a professional, transparent, and responsible manner, adhering to the fundamental regulations outlined in the Constitution. The extensive litigation surrounding the misappropriation of village finances by village heads and officials serves as a fundamental premise for this research. When discussing the state financial management system, it is essential to address the management of village funds. These monies are a component of state finances, and their utilization must be properly accounted for. Analysis of fiscal matters at the state level. To ensure the proper functioning of state activities, it is imperative for the government to establish a robust and transparent state financial administration system. This system should effectively prevent any instances of financial leakage, both in terms of revenue collection and expenditure management. State financial management refers to the comprehensive actions undertaken by state financial management officials in accordance with their position and power. These actions encompass planning, execution, oversight, and responsibility. The findings of the literature system review research indicate that in order to establish transparency and accountability in the management of village funds, it is necessary to have legal clarity, coordination and oversight, and community engagement. Additionally, this endeavor requires officials who possess competence and have access to suitable facilities.

Budgetary security of Ukraine in the context of a large-scale war

The large-scale war taking place on the territory of Ukraine as of 2023 has a significant impact on budgetary processes and the financial system. In the face of new challenges, the budget system is becoming a key tool for ensuring financial stability and fulfilling the strategic objectives of the state. Military expenditures, reconstruction of the affected territories, social support for citizens and other unforeseen expenditures require effective management of the state and local budgets and improvement of the financial security mechanism. The purpose of this article is to define the theoretical and practical foundations of Ukraine's budget security, to develop proposals for a strategy and measures to ensure the sustainability of the budget system in times of war. In studying the issues of formation and functioning of Ukraine's budget security, the author used a combination of empirical, comprehensive, systemic and analytical methods and approaches that helped to achieve this goal. The study analysed statistical data reflecting the state of budget security, including indicators reflecting the specifics of the state budget system management. Nevertheless, the events that took place in the period from 2014 to 2022 led to political and economic instability in the country, which resulted in an imbalance in the functioning of Ukraine's budget security. Given the difficulties associated with ensuring budgetary security in a time of war, the author offers recommendations for achieving future stability of the state's financial system, which involves adherence to the national strategy and development of new financial security mechanisms. At the same time, a sustainable budget policy promotes efficient resource management and stimulates economic development. Investments in key industries, support for enterprises and innovations help to strengthen the country's economy. The scientific results obtained in the course of this study solve the urgent problem of developing and substantiating theoretical and methodological approaches to the functioning of budget security, and can also be used to determine ways to improve it and apply it by the country's state authorities

Особливості оцінки фінансової грамотності та фінансової поведінки українців під час війни

This article emphasises the need to improve the level of financial literacy of the population, which is a qualifying driver of the harmonious development of the state's financial system and has particular relevance in the post-war economic recovery. The impact of the war on financial behaviour and the use of FinTech innovations by Ukrainians is determined. The purpose of the article is to clarify the peculiarities of assessing financial literacy and financial behaviour of Ukrainians during the war, taking into account the specifics of the impact of financial technologies (Fintech) on the economic development and welfare of Ukraine. The conceptual framework for assessing financial literacy and financial behaviour of the population is formed, which is presented as a set of interrelated elements. The paper presents the results of a survey conducted among Ukrainians, including those with IDP status, within the framework of the UK-Ukraine twinning grants scheme (Project UUT23 "Fintech as a fence for the shock and fuel for the recovery? Lessons from the war"). The results of the survey allowed us to formulate a set of recommendations both at the macro level and at the level of an individual provider to ensure that the financial market and fintech tools perform the function of economic recovery after the social trauma suffered by consumers of financial services.

THE DEFINITION AND STRUCTURE OF FINANCIAL SECURITY

The purpose of the article is to clarify the definition and structure of financial security. The subject of the research is the definition and structure of financial security. Financial security is defined as the most important element of the country's economic security in modern conditions; approaches to the definition of the concept of economic security are characterized; the concept of financial security is defined; administrative and legal relations in the field of financial security are characterized; the structure of administrative relations in the field of financial security is determined; threats to financial security are identified; threats to the development of the insurance market are identified; problems of the market of non-banking financial services in Ukraine are characterized; factors ensuring the competitiveness of the non-banking financial sector in modern conditions are characterized. Methodology. General scientific methods of formal logic (analysis, synthesis, deduction, induction, analogy, abstraction and modeling) are used in the article. Results. Thus, the financial security of Ukraine should be understood as a complex, dynamic, social system with an extensive network of interconnected and interdependent elements and connections, which guarantees the state's ability to effectively form, preserve against depreciation and rational use of financial resources and is aimed at stabilizing the socio-economic development of the country, ensuring its stability, as well as the formation of prerequisites for preserving the integrity and unity of the state financial system, maintenance of financial obligations.

THE ESSENCE OF FINANCIAL SECURITY AS AN OBJECT OF ANALYSIS

Introduction. In the conditions of the instability of the economic situation in Ukraine, the challenges and threats to the security of Ukraine are intensifying, in particular, there is an increase in the risks of inflation, the shadowing of the economy, and the legalization of illegal income. Therefore, it is important to rethink the theoretical prerequisites and the terminological and conceptual apparatus of the security sphere in the context of solving the current tasks of financial security analysis at all levels of the economic system of the state. The purpose of the article is to determine the content of economic and financial security as objects of analytical research based on the analysis of information from professional sources and current regulatory and legal acts. Results. It has been established that a stable state of the state's financial system is recognized as financially safe, under which the necessary financial conditions are created for its sustainable development and ensuring the stability of the country's financial system. For the purposes of financial security analysis, it is advisable to classify it at the following levels: global, state (national), regional, industry, business. The analysis of financial security at different levels allows to optimize information support for management decision-making, including taking into account strategic goals and the influence of the external environment. Conclusions. The essential content of the definitions "economic security", "financial security" has been developed and their content and functional characteristics have been revealed. A state is recognized as economically secure if its economic condition is stable, characterized by the balance of relevant indicators and invulnerability to external and internal threats, and ensures sustainable and effective development based on the observance of national economic interests. Financial security is a priority component of the economic security of the state. A stable state of the state's financial system is recognized as financially safe, under which the necessary financial conditions are created for its sustainable development and ensuring the stability of the country's financial system. Analysis of financial security at the global, state (national), regional, branch, and business levels allows for the formation of a scientifically based information field for making management decisions. The results of the analysis of the company's financial security allow timely diagnosis of the threat of bankruptcy and risks of economic activity. Analysis of financial security at the state level allows identifying real and potential threats to national interests in the financial sphere.

ОСОБЛИВОСТІ ЗАСТОСУВАННЯ ІНСТРУМЕНТІВ МОНЕТАРНОЇ ПОЛІТИКИ УКРАЇНИ В УМОВАХ ВОЄННОГО СТАНУ

Since 2014, Ukraine has been involved in military conflicts on its territory. The country has been at war with the Russian Federation for the past two years. Wartime demands from the state both the protection of its citizens and the territory, as well as the effective conduct of macroeconomic policy, including monetary policy. In the conditions of martial law, the use of monetary instruments has its own characteristics, they require flexibility and quick adaptation to the constantly changing economic conditions. Effective use of monetary policy instruments is a guarantee of the country's financial stability. The article is devoted to the topical issues of today – the peculiarities of the regulation of the financial system by the National Bank of Ukraine by adjusting monetary instruments in the conditions of large-scale armed aggression and the introduction of martial law in Ukraine. With the introduction of martial law in Ukraine, the National Bank of Ukraine adopted a number of regulatory documents that created conditions for ensuring the reliable and stable functioning of the country's financial system, because the problem of preserving gold and foreign exchange reserves and the stability of the national currency exchange rate became extremely acute. The article examines the approaches of the NBU to the selection of monetary policy instruments during the period of martial law and their modifications; it is emphasized that currency interventions are an important tool for stabilizing the exchange rate of the national currency, and Ukraine's international reserves have reached a certain level thanks to receipts from international partners; analysis of the main indicators of monetary policy for 2018–2022 was carried out. The conducted research made it possible to draw a conclusion about the deterioration of monetary policy indicators and the need to stabilize the conditions for the further development of the economy during the full-scale war in Ukraine. It is justified that the NBU carries out regulatory measures in such a way as to ensure reliable and stable functioning of the state's financial system.

Interdependence of macroeconomic environment and credit risks in Croatia

Purpose: The relationship between the macroeconomic environment and banking risks is one of the basic conditions for the stability of the state financial system. The purpose of this paper is to show the interdependence between the macroeconomic environment and the financial system, i.e., to highlight the importance of various macroeconomic factors and their impact on the banking system in Croatia.Methodology: Statistical data for the period from 2010 to 2022, obtained from publicly available databases, are analysed. Correlation analysis was performed to determine the intensity and direction of the relation-ship between macroeconomic and banking variables. Regression analysis was conducted to determine if macroeconomic variables could explain some of the changes in banking variables. Results: The results of the analysis show a significant correlation between the macroeconomic variable unemployment rate and all banking variables, as well as between the macroeconomic variable inflation rate and the banking variables: non-performing loans (NPL) and bank loans. Gross domestic product (GDP) is not correlated with any of the observed variables, which is a very interesting result. The unemployment rate is the predictor that is significant for all banking variables, while the inflation rate is the predictor that is significant only for non-performing loans.Conclusion: The conducted analyses show that economic development plays a role in the business policies of banks. These results can be particularly useful for bank management and the government, as they provide all stakeholders with important information about the role of macroeconomic policies of financial institutions in Croatia and, consequently, the Croatian economy.

Внутрішні фактори розвитку державного фінансового моніторингу України

In the article, based on the results of the study of the main regulations for the development of financial monitoring, the internal factors of the state financial monitoring of Ukraine and their impact on the efficiency of the financial monitoring service are determined. It has been established that among the main areas of activity of the State Financial Monitoring Service, a significant area is the selection of personnel and the organization of work on the training and improvement of the qualifications of employees. Considerable attention is paid to the system of employee motivation, as one of the main factors in the development of the State Financial Monitoring System of Ukraine. The objective necessity of using not only material, but also moral stimulation of civil service workers in the motivation system is substantiated. The need to create an effective employee motivation system that would contribute to the effective development of the State Financial Monitoring Service was proven. When improving the institution's motivational strategy, it is suggested to take into account the principles of behavioral economics, which are based on the characteristics of irrational employee behavior and psychological features of human perception.

Financial innovations as assets protection tool

The consequences of long-term strict quarantine restrictions during the COVID-19 pandemic, and now the military actions caused by the military aggression of the Russian Federation against Ukraine, led to the deepening of disparities in all sectors of the Ukrainian economy. Furthermore, the paradigm of economic relations proved the effectiveness of their reconstruction and ensuring further sustainable development based on the principles of innovation. It is the financial sphere that is able to implement the tools of innovative development most quickly and at the lowest cost while simultaneously complying with the conditions for minimizing financial risks. That is why we consider it necessary to define clear vectors of innovative development in the financial sphere, aimed at minimizing financial risks, protecting assets and financial instruments, ensuring smooth operation of all links in the financial system. The study of the components of the financial policy in our state, in particular the tax and currency policy, proved the absence of actual scientifically based recommendations regarding rational strategies of action in the extreme conditions in which Ukraine is and which indirectly indicates certain negative trends in the quality of the management of the state's financial system. Positive trends of innovative development are observed in the banking system that protects the owners and clients of banks from a significant part of the risks. Among such measures, the transfer of servers of one of the leading Ukrainian state banks abroad and the active use of cloud services should be outlined. The innovative set of tools that made it possible to preserve the stability of the financial system during hostilities are payment tools based on modern information technologies: payment cards, banking mobile applications, POS terminals at retail outlets, cryptocurrencies. Under the current conditions, cryptocurrencies are turning into a powerful and convenient innovative financial instrument. The main advantages of cryptocurrencies are defined as preservation of financial assets, ability to relieve tension significantly from the foreign exchange market; efficiency in the organization of cash flows and financial settlements on a regional and global scale. The following are identified as the main problems of using cryptocurrencies: high volatility of cryptocurrencies; lack of widespread practice of using cryptocurrencies in business transactions; the probability of an increase in the cost of transactions and exchange rate risks in comparison with traditional financial and monetary instruments; limited distribution of cryptocurrencies in Ukraine in the corporate sector, small and medium-sized businesses due to imperfect regulation by the state, and the financial system. Keywords: financial innovations, financial assets, minimization of financial risks, financial instruments, cryptocurrencies

Modernization of the system of state financial control in Ukraine

Introduction. State financial control contributes to the development of the state's economy, ensures a fair distribution of its national income, financial stability and national security, which is achieved through effective and rational management of state finances. Existing problems and contradictions in the field of state financial control have a negative impact on its effectiveness and significantly restrain the development of the state's financial system in general. The purpose of the paper is to study the problematic issues of the state financial control system in Ukraine and to find directions for its improvement and strengthening in modern conditions. Results. Among the main shortcomings of the functioning of state financial control, it is possible to highlight the lack of a single regulation for the implementation of internal and external state financial control at the levels of the budget system, excessive formalization of internal control procedures, the lack of connection between the results of the assessment of the quality of financial management and internal state financial control, the difficulty of ensuring functional independence and organization of internal audit work in conditions of personnel and financial restrictions, weak orientation to systemic work aimed at reducing budgetary risks. Successful functioning of the state financial control system is possible if the principle of risk-orientation is observed. A risk-oriented approach in the state financial control system should be aimed at: establishing strategic goals in risk management; use of own and external quality data when making management decisions; the relevance of indicators of the effectiveness of control activities within the framework of state financial control, which can be achieved by balancing quantitative and qualitative indicators. Conclusion. The proposed measures to improve state financial control will allow for the formation of a unified approach to its planning and implementation, which will ensure a more effective and in-depth implementation of control measures, which will allow to focus the attention of authorized control bodies on the subjects of control, which are the most problematic. It is obvious that improving the effectiveness of state financial control can be achieved with the help of audit and analytical measures aimed at coordination and systematic information exchange between financial and control bodies regarding the implementation of budgets at different levels.

Integration of the State Financial Supervision and Audit System in Public Legal Entities

Luasnya lingkup keuangan negara memberikan implikasi pada luasnya pengawasan yang dilakukan oleh Badan Pemeriksa Keuangan (BPK), pasal 23e menyebutkan “Untuk memeriksa pengelolaan dan tanggungjawab tentang keuangan negara diadakan satu Badan Pemeriksa Keuangan yang bebas dan mandiri” dengan frasa demikian telah mengamini sistem pengawasan yang sentralistik, artinya bertumpu pada BPK, dengan demikian banyaknya aspek pemeriksaan keuangan negara memberikan dampak pada efektifitas terhadap kinerja pengawasan keuangan negara. Metode penelitian pada artikel ini menggunakan metode normatif dengan pendekatan konseptual. Hasil penelitian menunjukkan adanya inefisiensi dalam model pengawasan di Indonesia, konsepsi pengawasan pemeriksaan yang masih sentralistik, BPK secara holistik masih memeriksa laporan keuangan lembaga negara yang menggunakan APBN untuk menjalankan fungsi penyelenggaraan pemerintahan negara. Demikian diperlukan integrasi pengawasan dengan modelpengawasan berjenjang demikian dapat memperluas Span of Control, tumpang tindih pengawasan, dan menciptakan sistem check and recheck, mendeteksi dini penyimpangan, dan pengawasan yang lebih terfokus.

Growth of banking credit in indonesia influence on economic growth in the pandemic

The economic downturn in Indonesia has been experienced since Covid-19. Impact on various sectors of the world economy. Significant changes experienced by Indonesian citizens. Covid-19 pandemic is a challenge for the business world, including the banking financial services industry. This caused the state financial system to be shaken until 2021. This study aimed to examine how the development of credit at Bank Rakyat Indonesia (BRI) during pandemic. BRI in carrying out its function as an intermediary banking institution, such as collecting funds and distributing funds to run its duties and functions amid the Covid-19 pandemic. This research is qualitative research with a phenomenological method approach since the research was conducted in a conditionsof social phenomena specifically in Gegesik sub-district, Cirebon Regency, with four customers as primary subjects, two marketing and one teller as secondary subjects. The discussion is described in the form of descriptive analysis. The results of the study show that the Covid-19 pandemic has had a major impact on the decline in the world economy for micro and macro business actors in Indonesia, including the MSME sector. To overcome this, the Government seeks to overcome these problems by issuing the People's Business Credit (KUR) program. There is a change in the 2022 period when the monthly installments are smooth. However this medium growth rate is not enough to answer the problem of disease and mission. To overcome this, optimism is needed that the MSME sector can recover in 2022 and of course it is supported by the right policies.

Is a Special Purpose Vehicle a Way to Circumvent Western Economic Sanctions Imposed on Russia or Only Pitfalls Lie Ahead?

The ‘problem’ of economic sanctions that restricted trade has vexed the Russian community for the past several years and seemingly only tends to worsen. At the same time, the European Union (the EU) developed a Special Purpose Vehicle (the SPV) (known as Instrument in Support of Trade Exchanges (the INSTEX) for Iran to continue trade without accessing the United States financial system and avoid violating the United States of America (the US) sanctions. In this respect, one might argue that Russia, in general, might consider a similar option by creating an INSTEX like SPV to circumvent the imposed economic sanctions. At first glance, such SPV seems like a working mechanism to continue the trade in goods and services and to preserve trade flows in case Russia is fully disconnected from the SWIFT) or if ‘maximum’ sanctions are imposed against Russia. This article provides a general overview of how Russia deals with trading under the pressure of economic sanctions and how the hypothetical SPV may assist Russia in maintaining stable trade relations despite the sanctions. The article further discusses how the hypothetical SPV may resort to investment arbitration in order to protect its rights and interests and challenge the imposed sanctions and the risks it may face in this respect. The study reveals that creating such SPV to avoid anti-Russian sanctions might assist with humanitarian need, while the potential to restore normal trade flows is quite doubtful. Special Purpose Vehicle (SPV), Economic Sanctions, Investment Arbitration, Instrument in Support of Trade Exchanges (INSTEX), Counter-sanctions, Circumventing sanctions

PEMBUKTIAN TINDAK PIDANA ASAL DALAM PERKARA TINDAK PIDANA PENCUCIAN UANG BERDASARKAN UNDANG-UNDANG NOMOR 8 TAHUN 2010 TENTANG PENCEGAHAN DAN PEMBERANTASAN TINDAK PIDANA PENCUCIAN UANG

Criminal cases related to assets or assets resulting from crime are known as money laundering crimes. The money laundering case is not only a threat to the stability and integrity of the economy and the state financial system, but also endangers the lives of the people, the nation and the State of Indonesia. In its development, money laundering offenses cases are increasingly widespread and complex to various sectors. The problem in this paper is whether the criminal act of Money Laundering must first be proven the crime of origin, and what are the legal evidence in the Law on the Prevention and Eradication of the Crime of Money Laundering. There is a close relationship between the crime of money laundering and the crime of origin. These problems arise in the prosecution process related to whether both must be proven or is it sufficient to prove the crime of money laundering without first proving the original crime. The reason is, in the regulation regarding the prosecution of money laundering cases, namely Article 69 of Law No. 8 of 2010 concerning Prevention and Eradication of the Crime of Money Laundering stipulates that in conducting investigations, prosecutions and examinations in courts of cases of Money Laundering, it is not obligatory to first prove the original crime.The normative juridical writing method uses primary and secondary legal materials with qualitative juridical analysis. Analysis of the effectiveness of handling the crime of money laundering without prior proof of the predicate crime, in terms of handling the crime of money laundering without the obligation to prove the predicate crime can be said to be effective because it can facilitate the judicial process. In the crime of money laundering, it still provides an opportunity to prove that the assets obtained are assets resulting from legitimate activities.

The Immunity of the Administration of State Financial Policy and Financial Stability System in Emergency

Officials involving in the prevention and mitigation of corona virus want to be given the right of immunity or legal immunity in implementing discretion authority as a guarantee and legal certainty that any decided policy will not be tested or used as the basis for bringing criminal action. The formation of Government Regulation in Lieu of Law (Perpu) No.1 Year 2020, which is aimed to handle the corona virus pandemic (COVID-19) actually comes with noble purpose. But the authorization of immunity right or legal immunity to the officials might cause state financial loss and tend to generate abuse of power. This study aims to study the concept of state financial loss, its accountability and legal immunity on criminal responsibility over the state financial loss as the impact of decision-making by officials in handling Covid-19. This was a legal research type that applies statute approach, conceptual approach, comparative approach, and case approach. Legal immunity is a form of legal protection for parties carrying out tasks and responsibilities under a good faith.

АМЕРИКАНСЬКА МОДЕЛЬ ОРГАНІЗАЦІЇ ДЕРЖАВНОГО ФІНАНСОВОГО КОНТРОЛЮ: ПЕРСПЕКТИВИ АДАПТАЦІЇ В УКРАЇНІ

The article analyzes the practice of state financial control in the USA. The author highlighted the experience of implementing organizational mechanisms of state financial control of an economically developed state and investigated the powers of its controlling bodies. The practice of standardization of control in the USA is disclosed, the characteristics of the main standards of state control are presented. The American system of state financial control is characterized by the practice of applying control standards, which include: principles of formation and approval of federal appropriations laws; generally accepted standards of state audit; standards of internal control in federal executive bodies; methodical manual for state financial audit; a guide to assessing the compliance of necessary costs with planned results. The essence of administrative-budgetary management is revealed and its impact on the state of the state's financial system as a whole is determined. Administrative-budgetary management includes the development and implementation of the budget; federal procurement management, financial management and information technology; presidential decrees and memoranda; regulatory policy, including coordination and review of all significant federal regulations by executive agencies; submission of recommendations to the president on legislative issues. As a result of the generalization of world practice regarding the implementation of state financial control, directions for adapting foreign experience of state financial control into domestic practice are proposed, which will contribute to the effective use of state financial resources and the development of the system of control bodies. Thus, the conducted analysis shows that the state financial control bodies in the USA take an active part in the management of state finances. In their activities, they adhere to the principles of independence, objectivity and transparency.