The World Bank approved sanctions reform and guidelines to implement the Voluntary Disclosure Programme, as called for by TI
The World Bank approved sanctions reform and guidelines to implement the Voluntary Disclosure Programme, as called for by Transparency International.
On sanctions reform:
- The World Bank’s board of directors today approved the expansion of current definitions of fraud and corruption beyond procurement-related offences, making them actionable wherever they occur.
- A fully effective anti-corruption programme requires common standards and definitions, and a consistent approach. TI recognises the progress of multilateral development institutions in developing common standards and definitions, and urges the boards of the other institutions to adopt them promptly.
- The Bank should now build on its commitment by convening the sanctions board approved by the board of directors last year, and making it operational.
- TI looks forward to a fully transparent and participatory consultation process as the Bank undertakes further anti-corruption reforms.
On the Voluntary Disclosure Programme:
- The board also adopted guidelines to implement the Voluntary Disclosure Programme (VDP).
- VDP provides for confidentiality and deferred sanction, provided that companies disclosing corrupt activities undertake stringent reforms, including anti-bribery programmes and external monitors.
- Thus, it creates incentives for more ethical corporate conduct.
- VDP can help promote prosecution by national authorities, in keeping with the G8’s pledge in St Petersburg to enforce anti-bribery laws more vigorously.
- VDP will increase understanding of corruption in Bank projects and provide a stronger basis for addressing it.
- The implementation and monitoring of strong anti-bribery programmes required by VDP build on longstanding recommendations by Transparency International.
Transparency International is the global civil society organisation leading the fight against corruption.
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