Harmonized Definitions of Corrupt and Fraudulent Practices

In February 2006, the heads of the African Development Bank, ADB, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, International Monetary Fund and World Bank agreed on the need to standardize their definition of corruption and established a task force to develop a uniform framework for preventing and combating fraud and corruption.

Each institution agreed in principle on standardized definitions of corrupt, coercive, collusive and fraudulent practices and has also agreed on guidelines for investigating such practices in activities financed by the institution.