Integrity checks on operations and counterparties
Compliance carries out due diligence on EIB counterparties and operations, including on-going monitoring activities and controls, to ensure that the Bank does not unwittingly facilitate corruption, fraud, collusion, coercion, money laundering, tax fraud, harmful tax practices or the financing of terrorism.
Achieving this requires appropriate policies and measures in our business dealings and contracts. These measures include controls on anti-money laundering and on combating the financing of terrorism and other harmful practices. The EIB Group has updated its policies and adopted in 2019 the revised EIB Group Policy Towards Weakly Regulated, Non-transparent and Non-Cooperative Jurisdictions and Tax Good Governance ("EIB Group NCJ Policy").
The EIB’s strict policy towards such practices contributes to international efforts to promote integrity in the financial markets, and helps to mitigate the Bank’s exposure to legal and reputation risks.
In pursuing its integrity mission, Compliance collaborates with the Inspectorate General, an independent control function responsible for investigating internal and external allegations of fraud, corruption and other prohibited practices in EIB-financed operations or activities. Whenever irregularities, which could indicate illegal activities, are detected (following ex ante due diligence or as a result of ongoing monitoring), Compliance liaises with the Inspectorate General, which determines whether an investigation needs to be launched.