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World Bank Corruption List a Due Diligence Tool: Compliance Professionals
By Matt Squire
printFinancial institutions would be wise to make use of a recently published list of individuals and companies restricted from doing business with the World Bank, say compliance professionals. The Washington D.C.-based development bank disclosed on January 11 the 111 companies it had barred from contracts "in the interest of fairness and accuracy." The intergovernmental organization has maintained the list, which includes entities that have violated World Bank corruption standards, since 1999. The list is a helpful due diligence tool for financial institutions complying with federal anti-corruption and anti-bribery laws, said Richard Dean, a lawyer who specializes in U.S. Foreign Corrupt...
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