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.
See also the IMF Blog –
And the official news release –