international regulatory enforcement
Watch Out the Blind Spot: Export Credit and the Fight Against Corruption
By Nicola Bonucci
The UK NGO “Spotlight on Corruption” just issued a report entitled “WEAK LINK OR FIRST LINE OF DEFENCE? THE ROLE OF UK EXPORT FINANCE IN FIGHTING CORRUPTION IN A POST-CORONAVIRUS AND POST-BREXIT TRADE DRIVE” (see the executive summary and recommendations at
Companies doing export credit agency (ECA)-financed business should be aware of real-world business and other consequences of these requirements:
Companies seeking official support from an ECA should be aware that an ECA covered by the OECD Recommendation will carry out legal and business due diligence in line with the OECD Recommendation, and that such due diligence will be more rigorous where there have been previous corruption issues
Operations benefitting from ECA support are under an increased scrutiny by NGOs, and
Post-COVID crisis, ECA and NGO scrutiny of compliance with the OECD standards is likely to increase, and result in media and public attention given the use of public funding.