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.
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About the author
Ivy Mungcal
As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.
