The World Bank’s release of its annual examination of allegations of fraud and corruption involving the bank was hailed by a leading anti-corruption crusader, Transparency International, as, “A welcome step, and an example for other development banks to follow.” The “Annual Report on Investigations and Sanctions of Staff Misconduct and Fraud and Corruption in Bank-Financed Projects” was released yesterday.

Berlin-based TI – which has long been dedicated to eliminating corruption in international financial transactions – also noted that one of the most effective aspects of the World Bank report was its blacklisting of companies that it has identified as paying bribes. Moreover, TI Chairman Peter Eigen said the World Bank did a good job of detailing allegations of corruption within its organization.

The World Bank report provides data on the 2,000 cases of alleged mismanagement, bribery, and bid rigging that were brought to its public integrity unit last year. TI’s Mr. Eiger said the United Nations, which is reeling from the alleged improprieties of the Iraqi oil-for-food scandal, could learn from the report. “Lessons drawn from the bank’s investigations and their public disclosure should also be learned by the United Nations in its own current internal review of accountability.”