SINGAPORE, September 17, 2006 – Today, the leaders of the African Development Bank Group, Asian Development Bank ADB, the European Bank for Reconstruction and Development, the European Investment Bank Group, the Inter-American Development Bank Group, the International Monetary Fund, and the World Bank Group agreed on a framework for preventing and combating fraud and corruption in the activities and operations of their institutions. This builds on the work of a joint Task Force established on February 18, 2006 by the leaders of these institutions.
The institutions recognize that corruption undermines sustainable economic growth and is a major obstacle to the reduction of poverty. The leaders have outlined the following joint actions to combat fraud and corruption:
- agreement in principle on standardized definitions of fraudulent and corrupt practices for investigating such practices in activities financed by the member institutions;
- agreement on common principles and guidelines for investigations;
- agreement to strengthen the exchange of information, as appropriate and with due attention to confidentiality, in – connection with investigations into fraudulent and corrupt practices;
- agreement on general integrity due diligence principles relating to private sector lending and investment decisions;
- agreement to explore further how compliance and enforcement actions taken by one institution can be supported by the others.
(Read all on this page of the Asian Development Bank).