IMF SEEKS TO CRACK DOWN ON CORRUPTION AND PROBE ROLE OF ADVANCED ECONOMIES IN FEEDING CORRUPTION

Deutsche Welle on 22nd April reported that the IMF is calling on wealthier countries to limit potential safe havens for dirty money.  The IMF announced new guidelines Sunday aimed at systematically addressing corruption and its impact on economic growth in all 189 of its member states. The announcement came at the IMF’s and World Bank’s spring meeting in Washington.  The new policy also addresses how wealthy countries contribute to corruption in developing nations by failing to prevent bribery, money laundering and by allowing anonymous corporate ownership.  The new guidelines on good governance take effect July 1st and follow a recent review of the IMF’s 20-year-old policy. The language of the outgoing policy was criticised in the review for sometimes using euphemisms addressing corruption in member states. That often left local officials uncertain about IMF concerns and expectations.  The guidelines call for the fund to discuss good governance concerns in all annual economic reviews of member countries.

Bloomberg reports that to address the “supply side,” the IMF will study the legal and institutional systems of nations that volunteer to be scrutinised. It’ll check whether countries criminalize and prosecute bribery abroad, and whether they have rules to stop money laundering.  G7 nations, as well as Austria and the Czech Republic, have volunteered so far.

http://www.dw.com/en/imf-seeks-to-crack-down-on-corruption-world-bank-boosts-lending-capacity/a-43489222?src=ilaw

https://www.bloomberg.com/news/articles/2018-04-22/imf-to-probe-role-of-advanced-economies-in-feeding-corruption?src=ilaw

See also the IMF Blog –

https://blogs.imf.org/2018/04/22/shining-a-bright-light-into-the-dark-corners-of-weak-governance-and-corruption/?src=ilaw

And the official news release –

http://www.imf.org/en/News/Articles/2018/04/21/pr18142-imf-board-approves-new-framework-for-enhanced-engagement-on-governance

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s