IDB releases report on fraud prevention in member countries

20:26, March 24, 2010      

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The Inter-American Development Bank (IDB) has applied 52 sanctions, 36 to individuals and 16 to firms, as a result of 152 investigations of alleged fraud and corruption cases in 2009, according to a report released Tuesday.

In the last-day meeting of the 51st IDB Governors Assembly held in the resort city of Cancun, the bank released the 2009 Annual Report of the Office of Institutional Integrity (OII), describing the bank's efforts to prevent and investigate the occurrence of prohibited practices in the activities financed by the IDB Group.

It offers a detailed account of a sample of the 309 inquiries and allegations, a record number received by the OII.

The number of allegations and consultations received by the OII has increased steadily since the office was launched in 2003.

According to the report, this has been caused by increased awareness of the IDB Group's fraud-prevention efforts in its member countries.

The report contains a summary of a sample of the investigations conducted in 2009.

Some 69 percent of OII investigations last year were about allegations of fraud and corruption, while other investigations focused on allegations of embezzlement, bribery, misrepresentation of qualifications, conflict of interest, and manipulation of the bidding process.

Source: Xinhua
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