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ARTICLE · 19 DECEMBER 2006

World Bank Launches New Voluntary Disclosure Program

Reed Smith
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On Aug. 1, 2006, the World Bank (“the Bank”) launched its new, proactive Voluntary Disclosure Program (“VDP”), a mechanism designed to address and reduce corruption. Through the VDP, the World Bank has enabled the private sector to self-police and avoid joining the more than 330 companies on the World Bank’s debarment “black list.”

United StatesFinance and Banking
Jason Matechak
Jason Matechak
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On Aug. 1, 2006, the World Bank (“the Bank”) launched its new, proactive Voluntary Disclosure Program (“VDP”), a mechanism designed to address and reduce corruption. Through the VDP, the World Bank has enabled the private sector to self-police and avoid joining the more than 330 companies on the World Bank’s debarment “black list.” Participants in the VDP program agree to certain Terms and Conditions requiring them to:

  • commit to ceasing corrupt practices;

  • disclose to the Bank the results of an internal investigation into past corrupt practices; and

  • implement a robust internal compliance program monitored by a Bank-approved third party for three years.

If a participant breaches the Terms and Conditions, it is subject to a 10-year debarment from participation in Bank-related activities.

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