FINANCIAL IRREGULARITIES Sample Clauses

The Financial Irregularities clause is designed to address and manage situations where improper or unauthorized financial activities are detected within the scope of an agreement. Typically, this clause outlines the procedures for reporting, investigating, and responding to incidents such as fraud, embezzlement, or misappropriation of funds. By establishing clear protocols and consequences for financial misconduct, the clause helps protect the parties involved from financial loss and ensures accountability, thereby maintaining trust and integrity in the contractual relationship.
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FINANCIAL IRREGULARITIES. 7.1 If the Recipient has any grounds for suspecting any financial irregularity in the use of any Smart Energy Voucher, it must notify the Funder immediately, explain what steps are being taken to investigate the suspicion, and keep the Funder informed about the progress of the investigation. For these purposes “financial irregularity” includes fraud or other impropriety; mismanagement; use of the Smart Energy Voucher for unapproved purposes; and failure to comply with the requirements set out in this Agreement.
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FINANCIAL IRREGULARITIES. 1For purposes of this Agreement, and in accordance with the United Nations’ regulations, rules, policies, and procedures, “Financial Irregularities” are defined as follows:
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FINANCIAL IRREGULARITIES. If the Grantee has good reason to suspect fraud or any other misuse of any grant funding paid under this Grant Contract, it must notify the Authority immediately, explain the steps that are being taken to investigate the suspicion and keep the Authority informed of the progress and outcome of the investigation.
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FINANCIAL IRREGULARITIES. 15.1 The Grant Recipient is required to practise zero tolerance against corruption and other financial irregularities within and related to the Project. The zero tolerance policy applies to all staff members, consultants and other non-staff personnel and to cooperating partners and beneficiaries of the Grant. 15.2 Financial irregularities refers to all kinds of: a) corruption, including bribery, nepotism and illegal gratuities; b) misappropriation of cash, inventory and all other kinds of assets; c) financial and non-financial fraudulent statements; d) all other use of Project funds which is not in accordance with the implementation plan and budget. 15.3 In order to fulfil the zero tolerance requirement, the Grant Recipient shall: a) organise its operations and internal control systems in a way that financial irregularities are prevented and detected; b) do its utmost to prevent and stop financial irregularities within and related to the Project; c) require that all staff involved in, and any consultants, suppliers and contractors financed under the Project refrain from financial irregularities. 15.4 The Grant Recipient shall inform the Norwegian Ministry of Climate and Environment immediately of any indication of financial irregularities in or related to the Project. The Grant Recipient shall provide the Norwegian Ministry of Climate and Environment with an account of all the known facts and an assessment of how the matter should be followed up, including whether criminal prosecution or other sanctions are considered appropriate. 15.5 The matter will be handled by the Norwegian Ministry of Climate and Environment in accordance with the Norwegian Ministry of Climate and Environment’s guidelines for handling suspicion of financial irregularities. The Grant Recipient shall cooperate fully with the Norwegian Ministry of Climate and Environment’s investigation and follow-up. If requested by the Norwegian Ministry of Climate and Environment, the Grant Recipient shall initiate prosecution and/or apply other sanctions against persons or entities suspected of financial irregularities. 15.6 The Norwegian Ministry of Climate and Environment may claim repayment of all or parts of the Grant in accordance with article 17 of the General Conditions if it finds that financial irregularities have taken place in or related to the Project. The repayment claim may also include any interest, investment income or any other financial gain obtained as a result of the financial ir...
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FINANCIAL IRREGULARITIES. If the Partner LA has any grounds for suspecting financial irregularity in the use of any ▇▇▇▇▇ paid under this MOU, the Partner LA must notify the Lead LA immediately, explain what steps are being taken to investigate the suspicion, and the Lead LA will keep the Secretary of State informed about the progress of the investigation. For these purposes ‘financial irregularity’ includes fraud or other impropriety, mismanagement, and the use of the grant for purposes other than the purposes of the SEND and AP Change Programme.
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FINANCIAL IRREGULARITIES. 11.1. If the Lead LA has any grounds for suspecting financial irregularity in the use of any ▇▇▇▇▇ paid under this MOU, the Lead LA must notify the Secretary of State immediately, explain what steps are being taken to investigate the suspicion, and keep the Secretary of State informed about the progress of the investigation. For these purposes ‘financial irregularity’ includes fraud or other impropriety, mismanagement, and the use of the grant for purposes other than the purposes of the SEND and AP Change Programme.
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FINANCIAL IRREGULARITIES. ADRA Myanmar shall have board-approved policies for fraud, mismanagement and whistle blowing, and shall comply with these. A copy shall be provided to ADRA Norway. ADRA Norway and ADRA Myanmar are required to practice a zero-tolerance against corruption and other financial irregularities within and related to the Project. The zero tolerance policy applies to all staff members, consultant and other non-staff personnel and to cooperating partners and beneficiaries of the Grant. Financial irregularities refers to all kinds of: a) Corruption, including bribery, nepotism and illegal gratuities; b) Misappropriation of cash, inventory and all other kinds of assets; c) Financial and non-financial fraudulent statements; d) All other use of Project funds which is not in accordance with the implementation plan and budget. In order to fulfil the zero tolerance requirement, ADRA Myanmar shall: a) Organise its operations and internal control systems in a way that financial irregularities, are prevented and detected; b) Do its utmost to prevent and stop financial irregularities within and related to the Project; c) Require that all staff involved in, and any consultants, suppliers and contractors financed under the Project refrain from financial irregularities; d) Ensure that a clause for annulment of any contracts with suppliers and sub-contractors be inserted for action in case of fraudulent procedures. ADRA Myanmar shall inform ADRA Norway immediately (within 24 hours) of any indication of financial irregularities in or related to the Project, to other projects implemented by the partner or to the administration account. ADRA Myanmar shall as soon as possible provide ADRA Norway with an account of all the known facts and an assessment of how the matter should be followed up, including whether criminal prosecution or other sanctions are considered appropriate. ADRA Norway will report the matter to Norad. The matter will be handled by Norad in accordance with Norad’s guidelines for handling suspicion of financial irregularities. ADRA Myanmar shall cooperate fully with ADRA Norway and Norad’s investigation and follow-up. If requested by Norad, ADRA Myanmar shall initiate prosecution and/or apply other sanctions against persons or entities suspected of financial irregularities. Norad may claim repayment of all or parts of the Grant in accordance with article 31 of the Agreement (Breach of the agreement) if it finds that any financial irregularities have taken place in or ...
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FINANCIAL IRREGULARITIES. 15.1 The Grant Recipient is required to practise zero tolerance against corruption and other financial irregularities within and related to the Project. The zero tolerance policy applies to all staff members, consultants and other non-staff personnel and to cooperating partners and beneficiaries of the Grant.
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Related to FINANCIAL IRREGULARITIES

  • Financial Conditions (a) The Recipient shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Recipient responsible for carrying out the Project or any part thereof. (b) The Recipient shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than six months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the GEF Trust Fund Grant Account were made on the basis of statements of expenditure, the Recipient shall: (i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the GEF Trust Fund Grant Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals.