Ethical Conduct and Core Values Certification and Financial Disclosure Policy for IMF Staff

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The IMF has a system of ethical conduct certification and financial disclosure to prevent conflicts of interest and to credibly demonstrate internal control measures.
The system was first introduced in April 2000 and has been updated on several occasions, including in 2021 when the ethical conduct and core values certification replaced the financial certification, and in June 2023 when the IMF decided to publish summary statements of financial interests reported by the Managing Director and the Deputy Managing Directors.
Management states full confidence in staff integrity while emphasizing the need to act in accordance with best practices given the IMF’s role in advising member country governments on governance.

All staff and long-term contractual employees, regardless of grade level, are required to submit an annual ethical conduct and core values certification.
- Certification confirms that the employee has read and is in compliance with the Fund’s N-Rules, the Standards of Conduct, including the Framework on Financial Disclosure and Financial Conflict of Interest, and the Fund’s Code of Conduct, and that they have read and will act in accordance with the Fund’s Core Values.
- The certification is submitted annually to the Ethics Office through the Fund’s electronic people management system.
All staff at Grades A15 and above, as well as other designated staff, are required to complete, on a confidential basis, an annual financial disclosure form.
The requirement to file an annual confidential statement of financial interests and activities does not apply to contractual employees of the IMF (though the ethical conduct certification requirement was extended to long-term contractual employees).

Covered staff submit an annual financial disclosure form with:
- information on financial assets, real estate, and liabilities as of December 31 of the previous year; and
- information on selected financial transactions for the relevant period.
Staff participating in the annual financial disclosure program also submit at the time of their separation from the Fund a disclosure statement addressing any changes in their financial interests since their last annual statement.

Confidential financial disclosure forms are submitted through an electronic platform and reviewed by the Fund’s External Compliance Advisor.
- The External Compliance Advisor reviews independently the information disclosed, seeks clarification or additional information from the staff member as needed, and seeks to resolve any potential, apparent or actual conflict of interest.
- The External Compliance Advisor consults where appropriate with the Fund to implement recommended remedial action.
Paragraph 27 of the Code of Conduct establishes an ongoing requirement that any staff member who considers that he or she might be in a position of actual or apparent conflict of interest at any time should disclose the matter to his or her supervisor or to the Ethics Officer.

Based on the confidential financial disclosure forms, summary public statements of the financial interests reported by the Managing Director and the Deputy Managing Directors are published on the Fund’s external website at the conclusion of the year’s confidential program.
- These public statements remain for the duration of the appointment of the Managing Director and two years thereafter.
- These public statements remain for the duration of the appointment of each Deputy Managing Director and six months thereafter.

Fund employees who wish to seek advice on potential conflicts of interest should contact the Ethics Advisor.
For matters related to the annual financial disclosure submission, employees should contact the External Compliance Advisor.