ADB helps fight money laundering in AsiaPacific

Lender partners with govts against crime

The Asian Development Bank (ADB) is ramping up its efforts to help countries in the Asia-Pacific region combat money laundering and terrorism financing, according to the ADB’s Office of Anticorruption and Integrity (OAI) 2017 Annual Report released on Monday.

The ADB’s support in antimoney laundering and countering the financing of terrorism includes a $2 million technical assistance grant approved in December 2016, as well as steps to improve the countries’ overall compliance with anti-money laundering policies through closer coordination between relevant parties, such as financial institutions and governments.

“The ADB remains a steadfast partner of countries in the Asia and Pacific region in fighting corruption and money laundering, and improving governance,” said John Versantvoort, head of the OAI.

The report highlights some of the efforts the ADB, through the OAI, has implemented over the past year, particularly in increasing its knowledge-sharing activities.

In 2017, the ADB helped the Philippines strengthen regulations to combat money laundering, with casinos now supervised under the Anti-Money Laundering Law.

The ADB also held a training session for Philippine officials to better understand money laundering and terrorism financing in the casino sector.

In Mongolia, the ADB is helping the government roll out a program that will support local banks and services such as pawnshops and remittance companies, as well as helping real estate agents to develop anti-money laundering and customer due diligence programs, said the report.

In addition, the ADB is helping Bhutan and Papua New Guinea address certain vulnerabilities, strengthen both countries’ policies, and improve their implementation.

The ADB’s anticorruption and integrity drive remained robust last year, according to the report, with 30 firms and 22 individuals debarred for integrity violations, along with cross-debarment for 153 firms and 36 individuals.

Last year, the ADB also increased outreach to the broader public about its anticorruption efforts, conducting 41 training sessions for audit institutions, anticorruption commissions, executing and implementing agencies, money service businesses, non-bank financial institutions, civil society, and the private sector.

As part of its efforts to champion integrity within the ADB, the OAI launched a mandatory e-learning course, called Anticorruption and Respect at Work, for ADB staff in May 2017, while conducting 68 staff training sessions with 1,436 participants last year.