Caribbean Development Bank Issues Statement to Mark International Anti-Corruption Day 2022

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Today, as organisations across the globe observe International Anti-Corruption Day 2022 (IACD) the Caribbean Development Bank (CDB) is marking the occasion by continuing to use its platforms to endorse the necessity of good governance and accountability at national and institution levels, and to denounce corruption in all its forms.

This year, as we recognise the 20th Anniversary of the United Nations (UN) Convention against Corruption, the theme of “Uniting the World Against Corruption” brings into sharp focus the critical links between anti-corruption and peace, security, and development.

The UN estimates that the annual cost of corruption is about USD 2.6 trillion and the World Economic Forum has equivalated this cost to at least 5 percent of global Gross Domestic Product.

With corruption’s deleterious impact clearly established, CDB – as the entity charged with driving development across the Caribbean, continues to lead the fight against this menace.

The Bank acknowledges that sustainable development is not achievable unless we address corruption and its effects which include undermining civic systems, eroding public trust and weakening institutional credibility.

However, good governance that is required to combat corruption, will not happen by accident.

It must be driven by efficient, fit-for-purpose systems, supported by effective regulatory and monitoring processes and enforced by robust accountability.

In this vein, CDB has responded to the threat of corruption by ensuring that the Bank’s internal governance framework takes a holistic approach to integrity risks; while our independent Office of Integrity, Compliance and Accountability helps to manage risks related to corruption and related wrongdoing, such as money laundering, terrorist financing, and cybercrime when we undertake interventions in our Borrowing Member Countries (BMCs).

Central to this objective is the provision of training and capacity building for our BMCs. In this regard, a key initiative is our annual Caribbean Conference on Corruption, Compliance and Cybercrime (3Cs) which was held on December 7 – 8, 2022.

Under the theme, “Good Governance for the Sustainable Development of the Caribbean”, the conference agenda raised awareness and delivered insights on the impact of corruption across many areas including climate finance, youth development, education systems and sport.

 It also covered the use to technology to curb corruption and explored the interconnection between corruption, money laundering and cybercrime.

CDB will continue to give primacy to the fundamental and catalytic role of good governance in the pursuit of sustainable growth, the promotion of which is a key part of the Bank’s mission and mandate.

If we are to deliver sustainable, resilient, and inclusive economic development for the Caribbean we must create and preserve conditions under which every dollar invested in development is able to reach the intended beneficiaries.

To this end, we urge all well-meaning organisations, entities and individuals to join the fight against corruption.

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