Preventing Corruption in Public Procurement
As integrity risks exist throughout the public procurement process, a holistic approach for risk mitigation and corruption prevention is needed. Focusing integrity measures solely on one step in the process may increase risks in other stages. Similarly, addressing only one type of risks may give leeway to integrity violations through other mechanisms. For example, administrative compliance measures in the bidding phase do not root out the risk for political interference in the identification of needs. Likewise, asset declarations for procurement officials may not sufficiently protect against bid- rigging or petty fraud.
Embodying this holistic approach, the OECD Recommendation on Public Procurement highlights several mutually supportive principles which may, directly or indirectly, prevent corruption and stimulate good governance and accountability in public procurement. These principles include:
- Stakeholder participation
- Oversight and control
Cryptolaundering: anti-money laundering regulation of virtual currency exchanges
This paper discusses anti- money laundering regulation for virtual currency intermediaries, by…