AIIB takes zero-tolerance attitude toward corruption

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.

Editor: 曹家宁
Today’s Recommendations

China, Spain agree to advance ties during Xi's visit

China and Spain agreed on Wednesday to build on the 45th anniversary of the establishment of diplomatic ties to jointly promote the development of the relationship and deliver more benefit to the two peoples.【detailed】

Xi's Europe, LatAm trip to promote cooperation, multilateralism

The trip is expected to deepen comprehensive strategic partnership between China and the European Union (EU), consolidate China-LatAm comprehensive cooperative partnership and promote global economic governance.【detailed】
Related Stories