The Asian Development Bank (ADB) has recently published its Annual Report that highlights the Bank’s continuing determination to crack down on bribery, fraud and corruption relating to the projects that it finances.
The Bank has announced an increase in its success in combating corruption and fraud. The Bank puts this increase down to the measures that ADB’s Office of Anticorruption and Integrity (OAI) has put in place to help stop, reduce and monitor anti-integrity, money laundering and other corrupt practices. The report states that in 2012 OAI received 240 complaints, opened 114 new investigations, with sanctions imposed on 42 firms and 38 individuals.
Bretton Woods Law firmly believes that prevention is better than cure, and works with a number of companies that are involved with projects funded by the multilateral development banks, creating and/or improving their internal compliance mechanisms. Bretton Woods Law has the experience and expertise to put Whistleblower programmes into place and to prepare companies for entry into Voluntary Disclosure Programmes of the kind operated by the World Bank Group, which enable these companies to monitor their staff’s actions and stop corrupt practices occurring before they start. The Asian Development Bank’s report mentions “several major international firms working on ADB-assisted projects voluntarily reported integrity violations to OAI after internal company audits.” Proving that internal compliance procedures really do have a positive role to play in helping a company protect its interests.
Bretton Woods Law specialises in offering valuable advice and assistance to companies who have been accused of suspected fraud and corruption and are being threatened with possible debarment. Through their skill and experience they can offer these companies a range of appropriate solutions to help defend their interests via resolution or settlement agreements.