WASHINGTON (dpa-AFX) - President Donald Trump has signed an Executive Order promoting financial integrity, transparency, and efficiency by improving the Department of the Treasury's ability to screen for improper payments and fraud, track transactions, and manage the Government's disbursements.
The Order directs the the Treasury to update guidance and enhance systems across the Federal Government to ensure that all payments made on behalf of agencies undergo pre-certification verification to prevent fraud and improper payments.
For the Treasury to disburse funds, agency heads must comply with Treasury disbursement requirements, which include ensuring that sufficient funds are available before obligations are incurred, verifying payee information, standardizing information reporting formats, confirming funds are being disbursed from appropriate sources, and implementing other verification and certification measures.
Agencies must share relevant data with Treasury to enhance Treasury's ability to detect and prevent fraud, subject to applicable law.
Agencies will consolidate core financial systems, including for non-CFO Act agencies, consolidating transactional financial management services under standardized solutions to improve financial reporting and traceability.
The number of Non-Treasury Disbursing Offices will be reduced, with Treasury developing a plan to centralize and manage payments previously handled by NTDOs.
The White Huose said President Trump issued the executive order after recognizing that financial fraud threatens the integrity of Federal programs and undermines trust in government.
The Government Accountability Office estimates the Federal Government loses up to $521 billion annually to fraud due to inadequate data and outdated systems.
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