Fighting Fraud and Corruption

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).

Comments are closed.