The Finance Ministry on March 31 drafted new guidelines on inspecting financial institutions to increase transparency, following an eruption of scandals in which its inspectors allegedly received bribes for advance information.

Under the new guidelines, and in a break with its tradition of secrecy, the ministry would give financial firms advance information on when they will be inspected. The ministry would also compile the general information gathered from the inspections into a white paper format on a regular basis to give the public a better idea of what is going on, ministry officials said.

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