The Asian Infrastructure Investment Bank (AIIB) has adopted good practices of other multilateral development banks to create an anti-corruption system that works for itself, China Daily reported Wednesday, citing an executive of the bank.
AIIB takes anti-corruption very seriously, and the tone from its top management is very clear: There will be zero tolerance for corruption, Hamid Sharif, managing director of the compliance, effectiveness and integrity unit of the AIIB, told the newspaper.
The bank has obligated its entire staff to understand its anti-corruption policy, Sharif said.
He stressed that anti-corruption is not a one-time job but requires continuous vigilance and attention. AIIB conducts due diligence in its operations to ensure that no corruption has taken place up to the point when it gets involved and after approval when AIIB funds are spent, the paper said.
"The approach is to attack corruption throughout the whole project cycle," Sharif said.
The investment bank currently does not deal with over 1,000 firms and individuals that have been sanctioned by five leading multilateral development banks including the World Bank.
Beginning operations in January 2016, the Beijing-based AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia.