IIB joined unified standards of international financial institutions on prevention of fraud and corruption
IIB joined the Uniform Framework for Preventing and Combatting Fraud and Corruption, elaborated by the leading international financial institutions.
This document was created in 2006 by the Joint International Financial Institutions Anti-Corruption Task Force, represented by the leading IFIs, which agreed to apply unified coordinated standards and approaches to prevention of corruption, fraud and other illegal operations. The document is designated to increase IFIs effectiveness in preventing and combating prohibited practices and sets common terms and definitions, principles and procedures for investigations, forms of collaboration and information exchange, as well as practice for mutual sanctions recognition.
Thus, the IIB – on its own initiative – decided to start applying in its activities the most advanced compliance instruments, which proved their effectiveness throughout many years of being used by leading IFIs. Application of these instruments by the Bank will support common efforts of IFIs in combating fraud and corruption.
Nikolay Kosov, Chairman of the IIB Board, commented on IIB’s endorsement of the Framework: “In order to successfully fulfill the objectives set for the IIB by our member states, we firmly prevent, intercept and go after any attempts of illegal actions in relation to IIB’s resources. By using standards elaborated by leading IFIs, we will get more opportunities to maintain IIB’s proclaimed zero tolerance to any fraud and corruption, thus ensuring additional safety of IIB’s investments.”