Pub. L. 107-115, tit. V, sec. 578

Sec. 578. (a) Funding Conditions.—Of the funds made available under the heading “International Financial Institutions” in this Act, 10 percent of the United States portion or payment to such International Financial Institution shall be withheld by the Secretary of the Treasury, until the Secretary certifies to the Committees on Appropriations that, to the extent pertinent to its lending programs, the institution is— (1) implementing procedures for conducting annual audits by qualified independent auditors for all new investment lending; (2) implementing procedures for annual independent external audits of central bank financial statements for countries making use of International Monetary Fund resources under new arrangements or agreements with the Fund; (3) taking steps to establish an independent fraud and corruption investigative organization or office; (4) implementing a process to assess a recipient country’s procurement and financial management capabilities including an analysis of the risks of corruption prior to initiating new investment lending; and (5) taking steps to fund and implement programs and policies to improve transparency and anti-corruption programs and procurement and financial management controls in recipient countries.115 STAT. 2170 (b) Definition.—The term “International Financial Institutions” means the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Inter-American Development Bank, the Inter-American Investment Corporation, the Enterprise for the Americas Multilateral Investment Fund, the Asian Development Bank, the Asian Development Fund, the African Development Bank, the African Development Fund, the European Bank for Reconstruction and Development, and the International Monetary Fund.