With multilateral development banks (MDBs) maintaining a high level of enforcement activity during the COVID-19 pandemic, Rahman Ravelli’s Salomé Lemasson and Josh Ray assessed their approach.
In an article they wrote, which was published by Law360, they outline the response of MDBs to ensuring the integrity of pandemic-related projects they are funding.
Their article explains the sanctions powers available to MDBs and how those who come under investigation by an MDB should respond. It also details how an MDB investigation can lead to national authorities conducting their own probe.
Their piece examines precisely how MDBs have responded to the challenge of continuing to investigate potential wrongdoing during the pandemic, when restrictions have limited the ability of their staff to travel to carry out their enquiries.
It concludes by explaining how MDB investigations have led to action being brought against companies during the pandemic. It also emphasises the potential damage to a business that is sanctioned as the result of such a probe.
Salomé and Josh's article featured in Law360. (Subscription required)
Joshua Ray represents individuals and corporates in complex investigations, prosecutions and regulatory actions regarding market manipulation and multijurisdictional matters involving fraud, bribery and money laundering.
Of Counsel Head of EU Business Crime and Regulatory Practice Group
Salomé works on Europe’s most challenging and significant white-collar and complex crime cross-border cases. She leads Rahman Ravelli’s EU Business Crime and Regulatory Practice Group, representing and advising companies and individuals in high-stakes investigations.