Multi-Industry Ethics

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  The World Bank's New Weapon Against Bribery: ShameJun 07, 2012 5:02 PMSCCE Social Media Manager

The World Bank's New Weapon Against Bribery: Shame
From: SCCE Social Media Manager
To: Multi-Industry Ethics
Posted: Jun 07, 2012 5:02 PM
Subject: The World Bank's New Weapon Against Bribery: Shame
This message has been cross posted to the following eGroups: Multi-Industry Ethics Forum and Multi-Industry Chief Compliance and Ethics Officers .

The World Bank lends around $72 billion each year to some of the world's poorest countries. A lot of it ends up getting stolen by corrupt officials, greedy contractors, and organized crime networks. The bank estimates that $20 billion to $40 billion is squandered each year by developing countries.

Now it's trying to do something about it. For the first time, the World Bank is publishing the deliberations of its internal body that decides whether to stop doing business with companies it says engage in corruption. Since 1999, the bank's Sanctions Board has punished, and at times banished, more than 530 firms and individuals. Until now, the bank has kept the reasons why they were kicked out under wraps.

"The World Bank Group takes a hard line against corruption, and we believe that greater transparency must be part of that effort," World Bank Managing Director Sri Mulyani Indrawati said in a statement announcing the decision. "By publishing Sanctions Board decisions, we are making all parties involved in the sanctions process more accountable. This move should deepen the deterrent effect of debarments and enhance the educational value of the Sanctions Board's findings."


Do you making this information public will help deter corruption?

Thank you,

Eric Newman, Esq., CCEP
Social Media Manager
(952) 405-7938
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