According to the Asian Development Bank press release on April 27, 2023, the Asian Development Bank (ADB) is strengthening its sanctions control framework and investigation function in response to increasing sanctions risks brought by the Russian invasion of Ukraine, according to Office of Anticorruption and Integrity: 2022 Annual Report.
“Legal, operational, and reputational risks arising from national sanctions have continued to increase, especially after the Russian invasion of Ukraine,” Office of Anticorruption and Integrity Head John Versantvoort said. “To ensure we can continue to serve our clients, ADB adopted an enhanced sanctions control framework to identify and manage these risks.”
Under the Approach Paper on Sanctions Management in ADB Operations, ADB has strengthened its ability to identify and manage risks arising from national sanctions, such as those issued by many countries following the invasion. The framework allows ADB to identify more suspected violations of ADB sanctions by debarred entities.
With these controls, ADB assessed and analyzed 1,644 cases with sanctions risk indicators. Twenty-two cases were referred to its investigations division for a potential breach of existing ADB sanction conditions.
In 2022, ADB reviewed 218 complaints and had a record low 35 complaints under active assessment at yearend. ADB closed 66 external investigations and cross debarred 195 firms and 15 individuals.
OAI also manages ADB’s support for the Asia Pacific Tax Hub. Through the hub, ADB continued to provide technical assistance support to guide selected developing member countries in drafting their laws, regulations, and processes to implement international tax transparency and integrity standards. ADB co-hosted four tax policy dialogues and participated in eight other events hosted by development partners to raise awareness of ADB’s tax integrity initiatives.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
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Published on May 17, 2023 2:53 PM (GMT+8)Last Updated on May 17, 2023 2:53 PM (GMT+8)
