Financial Transparency Coalition

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.

While the year-long allegations of misconduct against the Alstom Group (ALO) have led to some significant consequences for the company – US$9.5 million worth of them – a lot of questions about what happened remain. At the end of February, the World Bank decided to debar two Alstom subsidiaries for three years and agreed on a Negotiated Resolution Agreement worth US$9.5 million in restitution payments with respect to its conduct in Zambia. However, because of the nature of the settlement, the company has not had to publicly disclose the nature and scope of the alleged activities. There is currently a...

The Task Force on Financial Integrity & Economic Development (Task Force) is hosting an expert discussion on the linkages between illicit financial flows, transparency and the Arab Spring during the Civil Society Forum (CS Forum) at the 2012 World Bank/IMF Spring Meeting. Fiscal accountability is a key component of a well-functioning social contract, both of which have been absent in many countries in the MENA region, including Libya, Tunisia, Egypt and Syria.

WASHINGTON, DC – Global Financial Integrity (GFI) Advisory Board Member and Nigerian Coordinating Minister for the Economy and Minister of Finance Ngozi Okonjo-Iweala is to be nominated by developing world nations to replace outgoing World Bank President Robert Zoellick when his term expires in June. The Wall Street Journal reports today that Min. Okonjo-Iweala will receive the backing of South Africa, Angola and Nigeria to fill the top role at the international financial institution.