Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/320699 
Year of Publication: 
2024
Citation: 
[Journal:] Journal of Illicit Economies and Development (JIED) [ISSN:] 2516-7227 [Volume:] 6 [Issue:] 1 [Year:] 2024 [Pages:] 112-128
Publisher: 
LSE Press, London
Abstract: 
The spread of illicit activity across the global economy presents significant challenges to international development. Despite the well-recognised global incidence of corruption, fraud, and money laundering in development-focused investment projects, the responses of the multilateral development banks (MDBs) to these threats remain understudied. Our article offers the first comprehensive study into the comparative historical emergence and evolution of MDB responses to illicit activity. By identifying and analysing critical junctures in this history, we argue that the MDBs have tended to approach illicit activity as prohibited practices rather than criminal acts. We contend that this is an intentional choice made by the MDBs that absolves these organisations from any real responsibility in minimising illicit activity, finding their concern to be ensuring contractual compliance in their lending operations rather than curtailing criminal behaviour and their preference to be resolving contractual deviations in-house as opposed to coordinating with local jurisdictions and law enforcement agencies.
Subjects: 
Multilateral development banks
illicit activity
development
finance
critical junctures
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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