The World Bank and other multilateral development banks (MDBs) fund more than $117 billion in projects each year. While not regulators, they have unique powers to investigate and punish companies for misconduct, like fraud and corruption, in the projects they finance.
Entries in cross-debarment (3)
Over the last year, we have reached several noteworthy milestones in the global fight against corruption. In the arena of fighting corruption in international development, two important milestones stand out as having paved the way for significant progress and in setting us on a course for our continued success in reducing the impact of corruption on the poor.
As readers of the FCPA Blog know, the U.S. federal government has traditionally cross-debarred contractors across the federal government -- once a contractor is debarred by one agency, that contractor is automatically debarred by all. Similarly, since 2010, the Multilateral Development Banks (MDBs) have had a cross-debarment agreement in place, providing for the mutual enforcement of debarment decisions with respect to the four harmonized sanctionable practices, i.e. corruption, fraud, coercion, and collusion.