Financial Certification and Disclosure Policy for IMF StaffMay 1, 2003
As envisaged in the Code of Conduct, the IMF has in place a system of financial certification and disclosure since April 2000.
While management has full confidence in the integrity of staff, it attaches the utmost importance to ensuring and being able credibly to demonstrate that the International Monetary Fund (IMF) has in place internal control measures to prevent conflicts of interest. As the IMF is at the forefront of international efforts to improve governance and gives advice to member country governments in this area, it is particularly important for the IMF to act in accordance with best practices.
As provided in the Code of Conduct, staff members are expected to comply with the system of financial certification and disclosure, including the reporting of full and accurate information where required, which may entail eliciting the cooperation of immediate family members. The certification and disclosure requirements as presented in this note do not apply to contractual employees of the IMF, who are subject to the terms and conditions of their individual contracts; these contracts normally include specific provisions dealing with ethical conduct.
The main features of the system are as follows:
- All staff regardless of grade level are required to submit an annual financial certification form. The purpose of the form is for staff to indicate that they have read the policy on conflicts of interest and that they are in compliance with it. The form is to be submitted every year to the Human Resources Department through the HR Web.
- Paragraph 27 of the Code of Conduct already establishes the principle that any staff member who considers that he or she might be in a position of actual or apparent conflict of interest should disclose the matter to his or her supervisor or to the Compliance Officer (see below). This requirement is an important safeguard for the IMF and staff members.
- The above universal requirement (which is left to the judgment of the individual staff member) is supplemented by the requirement that all staff at Grades B1 and above complete, on a confidential basis, an annual financial disclosure form.
- All B-level staff are required to submit every year, an annual financial disclosure form, with information on financial assets and liabilities as of December 31 of the previous year and information on selected financial transactions for the relevant period.
- The confidential financial disclosure forms are submitted to and reviewed by an external Compliance Officer hired for this specific purpose. All documents and records disclosed are kept on IMF premises. The officer reviews independently the information disclosed in the forms, seeks clarification from the staff member as needed, and seeks to resolve any potential conflict.
- Staff who wish to seek advice on potential conflicts of interest should contact the Ethics Officer or the Compliance Officer.