August 31, 2020
Publication: Thomson Reuters Practical Law
Like many other multilateral development banks, the World Bank Group has raised the profile of its sanctions system as it seeks to combat fraud and corruption. However, the distinctiveness of many aspects of Chinese law often makes the World Bank’s system more complicated when the two meet, as Kobre & Kim’s Wade Weems and William Weightman wrote with others in an analysis for Thomson Reuters' Practical Law.
Weems and Weightman walk through the details of the World Bank’s investigative measures and sanctions process, and then notes how China’s stringent state secrets, data privacy, labor and other laws and regulations might complicate things for stakeholders, including Chinese entities involved in World Bank contracts.
After looking at the World Bank’s processes for sanctions enforcement and non-debarment, Weems and Weightman advise Chinese entities worried about a potential or imminent World Bank investigation to take several steps. These include undergoing risk assessments and screening, record keeping, conducting internal investigations, assessing Chinese labor law and seeking outside counsel for international compliance.
Click here to read the full analysis (subscription required). Reproduced from Practical Law with the permission of the publishers. For further information visit www.practicallaw.com.