International banks agree to cooperate in fighting fraud

A cooperation deal has been signed by seven of the world’s richest development banks to squeeze fraudsters out of projects they fund and oversee. The World Bank, the International Monetary Fund (IMF), the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), the African Development Bank Group, Asian Development Bank and Inter-American Development Bank Group have agreed a common anti-fraud strategy. Meeting in Singapore, the banks agreed to: