Financial Crime World

Export Finance Australia’s Commitment to Combatting Bribery and Corruption: Anti-Corruption Initiatives

Export Finance Australia, a significant financier for Australian exports and international projects, reaffirms its dedication to eliminating bribery and corruption in all transactions it supports. This stance against financial crime is underscored by Export Finance Australia’s comprehensive anti-corruption initiatives.

Strict Due Diligence Process

Export Finance Australia’s rigorous due diligence process includes thorough examinations against financial crime, bribery, corruption, and sanctions before providing financial aid. Additionally, they follow the Organisation for Economic Co-operation and Development (OECD) Recommendation on Bribery and Officially Supported Export Credits as standard procedure, predating financial assistance.

Cooperative Relationships with Law Enforcement and Regulatory Agencies

Furthermore, Export Finance Australia maintains strong relationships with law enforcement and regulatory bodies like AUSTRAC, the Australian Federal Police, and other relevant organizations. Sharing information on suspected criminal activities is an essential part of their process, enabled by their adherence to applicable laws and internal policies and procedures.

Jurisdiction of the National Anti-Corruption Commission (NACC)

As a Commonwealth agency and its employees, Export Finance Australia falls under the NACC’s jurisdiction, an independent body that detects, investigates, and reports on serious or systemic corruption in the Commonwealth public sector. Entities providing goods or services to the organization, through Commonwealth contracts, are also subject to NACC jurisdiction as contracted service providers.

Consequences of Non-Compliance

Businesses engaging in bribery or corruption could face significant consequences. Suspected criminal activities may lead Export Finance Australia to:

  1. Refer evidence or information about corrupt activities to the appropriate authorities.
  2. Take legal action, including exercising remedies available under transaction documentation or contractual arrangements.

Compliance with Anti-Bribery Laws

Under Australian laws, bribing domestic or foreign public officials is a serious offense, carrying penalties of up to ten years imprisonment and fines of up to $21 million or three times the benefit obtained or 10% of the annual turnover during the year the offense occurred. It is crucial for businesses to be aware of their responsibilities and relevant laws, such as the Criminal Code Act 1995 (Cth), which governs bribery.

Moreover, businesses must comply with other applicable Australian laws, including State and Territory laws, the Corporations Act 2001 (Cth), the Competition and Consumer Act 2010 (Cth), and soon, the Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2019 (Cth), which strengthens Australia’s anti-bribery laws further.

In the context of international transactions, businesses must also be familiar with and adhere to all relevant foreign laws and regulations prohibiting bribery in the respective countries and jurisdictions.

Export Finance Australia’s Policies and Practices

Export Finance Australia is well-equipped with a comprehensive suite of policies, procedures, and practices to proactively identify, address, and mitigate risks of corrupt activities. These include:

  1. Anti-bribery and corruption policy.
  2. Transactional anti-bribery and corruption procedures.
  3. Anti-bribery declarations.
  4. Anti-money laundering and counterterrorism financing (AML/CTF) program.
  5. Contractual documentation requirements.
  6. Modern slavery policy.
  7. Fraud control policy and plan.
  8. Supplier code of conduct.
  9. Procurement and contracts governance policy.
  10. Incident reporting policy.
  11. Public interest disclosure policy and procedure.
  12. Code of conduct.
  13. Gifts and benefits policy.
  14. Mandatory ongoing compliance training for all employees.
  15. Human rights statement.

For more detailed guidance, resources, and information on complying with Australian anti-bribery laws, visit the Bribery Prevention Network, the Australian Government Department of Foreign Affairs and Trade website, and the Attorney-General’s Department’s Foreign Bribery website.