The partners of Freshfields Bruckhaus Deringer are inviting readers of the FCPA Blog to a Global Investigations breakfast to discuss resolving fraud and corruption investigations by the World Bank and Inter-American Development Bank related to the more than $71 billion in corporate contracts they fund each year.
Entries in World Bank (110)
The Royal Canadian Mounted Police (RCMP) charged the head of a commercial aircraft company with conspiring to bribe military officials in Thailand. The alleged conspiracy is connected to a deal involving aircraft from the Thailand national airline.
The World Bank Group announced the debarment of Consia Consultants ApS for 14 years for fraud and corruption. Consia’s Managing Director was also debarred for three and a half years.
There are commonalities across the sanction regimes of multilateral development banks (MDB). All have clearly articulated prohibited practices, investigation and sanction procedures, often including an array of possible sanctions and appeals process.
The agreement to start the Foundation emerged in 2007 after more than two years of discussion between the Governments of the United States, Switzerland and Kazakhstan (known as “the Parties”) about the disposition of $84 million, plus interest, that had been frozen in a Swiss account since 1999.
This year's annual report from the Integrity Vice Presidency (INT) of the World Bank Group report put Canada in the spotlight -- specifically, our top court's recent decision in World Bank Group v. Wallace. The case is seen as a significant acknowledgement of the unique role that multilateral institutions play in fighting corruption.
Since Belarus’s independence from the Soviet Union in 1991, it has maintained strong economic and cultural ties with Russia and has been dependent on Russia's economic support.
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.