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Annual Report 2003

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Policies and Procedures

The Board of Directors approved several policy, financial, and administrative papers in 2003. One was “Enhancing ADB’s Role in Combating Money Laundering and the Financing of Terrorism.” Another was the review of the inspection function that resulted in the establishment of a new accountability mechanism that is now in place. It consists of two complementary functions: the consultation phase and the compliance review phase. For consultation, a special project facilitator was appointed. For compliance, the Board of Directors appointed a full-time chair and parttime members of a review panel and the Board Compliance Review Committee to replace the Board Inspection Committee. The new mechanism provides important structural and procedural means to address the concerns of projectaffected people, to improve project quality, and to enhance development effectiveness. (For more on ADB policies and procedures, see http://www.adb.org/Development/policies.asp.)

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