Second Review of Enhancing the Asian Development Bank's Role in Combating Money Laundering and the Financing of Terrorism

Date: November 2012
Type: Policies, Strategies, and Plans
Subject:
ADB administration and governance; Finance; Governance and public sector management

Description

The Asian Development Bank (ADB) Board of Directors adopted the Policy on Combating Money Laundering and the Financing of Terrorism on 1 April 2003. The policy calls on ADB to (i) assist developing member countries (DMCs) in establishing and implementing effective legal and institutional systems to combat money laundering and the financing of terrorism; (ii) increase collaboration with other international organizations; (iii) strengthen internal controls to safeguard ADB funds; and (iv) upgrade ADB’s staff capacity.

As required by the policy, a comprehensive review of its implementation was carried out in 2008, covering activities from April 2003 to March 2008. The resulting Board information paper, Review of Enhancing the Asian Development Bank’s Role in Combating Money Laundering and the Financing of Terrorism, was circulated to the Board in April 2008. The paper also envisaged a periodic review of ADB’s work under the policy, taking into account developments in international law and standards, as well as demand from its DMCs. This paper is the second periodic review, covering ADB’s activities under the policy from April 2008 to September 2012.

Contents

  • Background
  • Synopsis of AMF/CFT Developments in Developing Member Countries and Internationally from April 2008 to September 2012
  • Key Areas of ADB Activities from April 2008 to September 2012
  • Further Implementation of the Policy
  • Appendixes