On June 26, 2014, the World Bank’s Office of Suspension and Debarment (OSD) released its public report covering sanctions arising from World Bank-financed projects during OSD’s first six years of operation. The report includes case processing and other performance statistics related to 224 sanctioned firms and individuals in Bank-financed projects, and highlights the World Bank’s efforts to improve transparency and accountability, while maintaining confidentiality and providing due process for those accused of fraud and corruption.

The OSD, or the “sanctions regime,” as it is often called, represents the first level of adjudication within the World Bank. The OSD is intended to exclude proven wrongdoers from World Bank-financed operations, while simultaneously ensuring that accused parties are treated fairly and given a chance to mount a defense. Sixty percent of cases at the World Bank were resolved at the OSD level, with the remaining forty percent leading to at least one appeal at the Sanctions Board level.

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Topics:  Corruption, Fraud, Information Reports, Performance and Accountability Report, Project Finance, Sanctions, Transparency, World Bank

Published In: General Business Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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