European Investment Bank Group and Council of Europe Development Bank host Multilateral Development Bank Private Sector Integrity Meeting 2023
Compliance experts discuss implementation of international sanctions, cyber security and digitization
Financing and compliance experts from more than 20 multilateral development banks from Africa, Asia, Latin America and Europe met in Luxembourg to share best practice and enhance understanding of how to strengthen ethical private sector financing.
As in previous years, the Multilateral Development Bank (MDB) Private Sector Integrity Meeting 2023 brought together distinguished and experienced representatives from multilateral development banks (MDBs)to engage in open discussions on how to strengthen compliance and integrity functions in these institutions across their respective regions of operation.
The two-day meeting held at the European Investment Bank’s Luxembourg headquarters also focused on effective implementation of international sanctions and address new cybersecurity and digitalisation challenges and opportunities.
"The European Investment Bank Group recognises the instrumental role played by the private sector in sustainable development and the crucial need to ensure that private sector financing follows the highest ethical and compliance standards in an ever changing financial and geopolitical environment. We are pleased to hold this year’s Multilateral Development Bank Private Sector Integrity Meeting that provides a timely opportunity for global financial leaders to strengthen compliance, share their diverse experience and together further enhance financial integrity." said Gelsomina Vigliotti, Vice President of the European Investment Bank and Chair of the European Investment Fund.
"The Council of Europe Development Bank is proud to co-host this event, which underscores our commitment to promoting integrity, good corporate governance and high ethical standards in our projects. This meeting provides a unique platform for uniting multilateral development banks to address complex compliance challenges and advance responsible business conduct globally", said Sandrine Gaudin, Vice Governor for Financial Strategy, Council of Europe Development Bank.
Strengthening compliance best practice to enhance integrity across the private sector financing worldwide
With integrity standards in the private sector under scrutiny, the Multilateral Development Bank Private Sector Integrity Meeting 2023 enabled international financial institutions to strengthen their collaboration and support for financing private sector investment around the world.
Discussions helped to better identify, assess, and mitigate unique risks and integrity issues that can hinder private sector financing. The meeting also shared compliance and integrity best practice to strengthen safeguards against corrupt practices and money laundering.
International sanctions, their relevance, and the need for change
In an era of complex geopolitical dynamics, delegates engaged in in-depth conversations surrounding international sanctions linked to the war in Ukraine. The discussions provided clarity and insights into navigating compliance amid evolving international relations.
Digitalization of Compliance
As technology reshapes industries, this year’s MDB Private Sector Integrity Meeting provided an update into the digitalization of compliance processes. Speakers and attendees explored the potential of technology to enhance transparency, streamline operations, and manage integrity risks effectively.
The Vital Role of Cybersecurity
The meeting brought together cybersecurity and compliance experts to improve practical understanding on how robust cybersecurity measures can better preserve both data integrity and regulatory adherence.
Compliance Challenges for Political Exposed Persons and Beneficial Ownership
A significant focus also examined compliance challenges associated with Political Exposed Persons and the complexities of beneficial ownership through examining practical solutions and sharing best practices.
EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
The Council of Europe Development Bank (CEB) is a multilateral development bank, whose unique mission is to promote social cohesion in its 43 member states across Europe. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with an excellent credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.
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Europe’s 15 best social innovators will compete at the grand finale of the 12th European Investment Bank Institute Social Innovation Tournament, which will be held in Stockholm on 28 September under the auspices of EIB Vice-President Thomas Östros.
EIB President Werner Hoyer has been participating in UNGA this week alongside senior representatives of the EU Bank, which is owned by the 27 members of the European Union. President Hoyer was joining global leaders to address the climate emergency and ways to accelerate the 2030 Global Agenda for Sustainable Development through innovative investment.