The World Bank has begun the process of reviewing its sanctions regime, the system by which the Bank holds individuals and companies to account for engaging in corrupt activities. Between July and September, contributions from external stakeholders were accepted and a summary of the initial findings has been published. An additional diagnostic report was produced earlier this year which evaluated the performance of the sanctions system, and identified potential reforms. However this report has not been made public. In an August blog, international NGO Transparency International recommended that “the bank should promptly make available the internal diagnostic report” and that “all recommendations by external stakeholders should be published in a timely manner”. The final findings are expected to be presented to the Audit Committee of the Bank’s Board of Executive Directors by end 2013. Recommended changes to the system will be issued for external consultation in early 2014.
5 September 2013
14 August 2013
18 July 2013
Renewed calls for a substantial SDR allocation raise urgency of reforming the inequitable global reserve ‘non-system’.
Donate to the Bretton Woods Project
The Bretton Woods Project is a UK-based NGO that challenges the World Bank and IMF and promotes alternative approaches. We serve as an information provider, watchdog, networker and advocate. Our flagship publications are the Bretton Woods Observer, a quarterly critical review of developments at the World Bank and IMF, the Dispatch, a biannual analysis of the World Bank and IMF Spring and Annual Meetings, and the NewsLens, a bi-weekly roundup of key news and critical viewpoints published about the World Bank and IMF.
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).