Financial Transparency Coalition

Global Financial Integrity Lauds International Financial Institution for Anti-Corruption Milestone

WASHINGTON, DC – Global Financial Integrity (GFI) applauded the World Bank for changing its policy and committing to publicly disclose the logic behind its decisions to sanction companies and individuals for alleged fraud and corruption, heralding the move as a major step forward in the Bank’s moves towards transparency.  GFI believes the publication of these decisions will provide crucial information to foreign government officials, civil society organizations, and businesses as they monitor corruption risks around the world.

In the past, the World Bank has simply published the names of the firms or individuals being sanctioned, without providing the full reasoning behind the specific sanctions—a frustrating situation for many external observers hoping to track cases and patterns of fraud and corruption.

“We heartily welcome this move by the World Bank,” said Heather Lowe, legal counsel and director of government affairs at GFI.  “Knowing which companies have been debarred is helpful, but understanding why a company has been debarred is critical in the fight against fraud and corruption.  The methods used by companies and individuals, who are defrauding the World Bank, are methods used to defraud governments, businesses, and individuals globally.

For more information on the World Bank’s decision today, visit http://go.worldbank.org/XGBH6G3BS0.

To schedule an interview with GFI spokespersons, contact Clark Gascoigne at +1 202 293 0740 ext.222 or at cgascoigne@gfintegrity.org.

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Contact:  

Clark Gascoigne
cgascoigne@gfintegrity.org
+1 202 293 0740 ext. 222

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Global Financial Integrity (GFI) is a Washington, DC-based research and advocacy organization which promotes transparency in the international financial system.

For additional information please visit www.gfintegrity.org.

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This entry was posted on Wednesday, May 30th, 2012 at 6:42 pm and is filed under Media, Press Releases.