Selected Decisions and Selected Documents of the IMF, Thirty- Sixth Issue -- Cooperation with Investigations on Fund Activities by Auditing Institutions of Members-Procedures

Prepared by the Legal Department of the IMF
As updated as of December 31, 2011

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ARTICLE IX, SECTION 5
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COOPERATION WITH INVESTIGATIONS ON FUND ACTIVITIES BY AUDITING INSTITUTIONS OF MEMBERS—PROCEDURES

The Executive Board of the International Monetary Fund adopts the following procedures to cooperate, upon request, with investigating agencies of members for the preparation of reports on the Fund and its activities. In keeping with the multilateral character of the Fund and in light of the many existing mechanisms to assess the Fund and its activities, the Executive Board expects that restraint will be exercised in requesting such investigations.

    1. All requests from official investigating agencies will be notified to the Executive Board at least two weeks before the commencement of any cooperation with the agency pursuant to the request. The notification will include the full text of the terms of reference of the enquiry and any special features of the enquiry. Executive Directors will have an opportunity to comment on all aspects of the notification, as they deem suitable.

    2. Management and staff will be prepared to meet a request if it is channeled through an Executive Director’s office and provides:

      (i) a precise description of the terms of reference of the enquiry; and

      (ii) written assurances that:

      ● confidential information provided in the course of the enquiry will not be disclosed;

      ● management and staff will be given an opportunity to review any report resulting from the enquiry before its circulation outside the agency to ascertain that no confidential information is being disclosed in the report and that the factual information is correct; and

      ● the views of management and staff will be included in the report in an acceptable manner.

    3. In principle only documents and information available to the Executive Board will be made available to the agency; the consent of Executive Directors whose statements are involved should be requested before transmitting grays or Executive Board minutes to the agency. Requests by the agency for access to additional documents and information (other than those relating to the Fund’s internal advisory procedures) will be submitted to the Executive Board for approval if management supports the request. The Executive Board will not approve the request unless it has reviewed the relevant document or information; the procedures for the review will ensure the confidentiality of the document or information.

    4. The Executive Board will be informed of requests which are denied by management under paragraph 2 or 3. In such cases, management or the relevant Executive Director may consult with the Executive Board.

    5. All published reports resulting from such investigations will be circulated to the Executive Board for information, together with an assessment of the staff resources used by the Fund in the enquiry.

    6. If, in the judgment of management, an investigative agency did not respect the written assurances provided in accordance with paragraph 2(ii), it shall so inform the Executive Board and propose any remedial action it considers necessary.

    7. These procedures will be reviewed not later than January 30, 2004. (SM/00/97, Rev. 1, Sup. 2, 2/2/01)1

Decision No. 12424-(01/13),
February 5, 2001,
as amended by Decision No. 12936-(03/8),
February 4, 2003

1 Ed. Note: The Executive Board reviewed the procedures on January 20, 2004 (Decision No. 13172-(04/06) and on January 31, 2007 (Decision No. 13870-(07/10)). Pursuant to the latter decision, the procedures shall be reviewed again not later than January 31, 2012.

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