MDBs' Sanctions Regime and Issues

Download or read book MDBs' Sanctions Regime and Issues written by Bin Gu and published by . This book was released on 2017 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Within the sphere of multilateral development banks' (MDB) dispute settlement, the sanctions regime is one stellar important development. It is essentially international legal efforts against business corruption involved in contracts in MDB-financed projects. The sanctions regime has contributed to both grand causes of poverty reduction and anti-corruption, which possess universal meaning. The Asian Infrastructure Investment Bank (AIIB), Benjamin of the MDB family, commits to build an ethical organization with zero tolerance for corruption. The AIIB policy on prohibited practices has been in place soon after the establishment of the institution late 2015. The AIIB sanctions regime generally meets international best practice, and in some respects, does a better job than peer institutions. Meanwhile, the AIIB sanctions regime is more of a general framework than a sophisticated legal corpus. It is subject to change, improvement and enrichment, as the AIIB unveils business, builds up experience, and collaborates closely with the World Bank and other MDBs. A multidirectional emulation during the process is advisable, and the value to be added by the AIIB to the business sanctions regime is very much expected and welcomed.