THE WORLD BANK’S SANCTIONS SYSTEM

On 15th February, Bass, Berry & Sims PLC published an article saying that the World Bank aggressively pursues sanctions against entities and individuals for misconduct in connection with World Bank-funded projects.  Such sanctions can also lead to cross-debarment by other multilateral development banks and investigations by national regulators.  The article says that enterprises also should be (or remain) mindful of the increasingly active World Bank Group sanctions process.  Any party to a Bank-funded project must ensure it clearly understands its compliance obligations.  The article provides a guide to the sanctions-making process.  It also details recent sanctions action undertaken by the World Bank.  Between 1996 and 2002, only 18 cases were concluded, with 74 entities debarred.  However, in fiscal year 2018, INT 68 new investigations were initiated and 71 ongoing investigations completed, of which 48 triggered the formal sanctions or settlement process.  Then in 2019, it banned the Brazilian construction company, Odebrecht and a Nigerian waste company.

https://www.bassberry.com/news/forget-me-not-the-world-banks-sanctions-system/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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