IDB Sanctions Fraud in Member Countries

The Inter-American Development Bank passed sanctions on individuals and firms allegedly involved in fraudulent activities concerning the bank’s projects around Latin America and the Caribbean, Xinhua News reports. The sanctions were announced during the launch of the 2009 annual report of the Office of Institutional Integrity, on the last day of the IDB governors’ meeting in Cancun, Mexico. The report outlines IDB’s efforts to fight and address prohibited practices in bank-funded operations. According to the report, consultations and allegations received by the integrity office have risen steadily since 2003. This rise, the office explained, was the result of an increased awareness of IDB’s fraud prevention initiatives.