Eximbanka Framework for Combating Corruption and Bribery in International Trade
Eximbanka, as an export credit agency of the Slovak Republic – a member state of the OECD, is committed to responsibly apply the provisions of the Framework for Combating Corruption and Bribery in International Trade in its business practice of supporting export activities of Slovak entrepreneurs.
“Official export support in the form of financing, guarantees or insurance may not be provided in connection with an export contract in the preparation of which bribery and corruption has occurred or will occur during its implementation, whether directly or through third parties within the meaning of the provisions of the special provisions of Act No. 300/2005 Coll. of the Criminal Code and §49 of Act No. 513/1991 Coll. Commercial Code, as amended, and other relevant provisions within the framework of the legal order of the Slovak Republic.”
In addition to the national legal regulation for the fight against corruption and bribery, the provisions of which Eximbanka is obliged to comply with, as a legal entity established by Act No. 80/1997 Coll. on the Export-Import Bank of the Slovak Republic, Eximbanka applies in particular the provisions of the OECD Recommendation on Bribery and Officially Supported Export Credits (more information: Recommendation on Bribery and Officially Supported Export Credits) as well as the provisions of other relevant international sources, such as:
- OECD Council Recommendation on Combating Bribery of Foreign Public Officials in International Business Transactions
- Convention on Combating Bribery of Foreign Public Officials in International Business Transactions
- United Nations Convention against Corruption
- OECD Guidelines for Multinational Enterprises
The OECD Recommendation on Bribery and Officially Supported Export Credits were developed through the transformation of the 2000 Action Plan on Combating Bribery and Officially Supported Export Credits (within the ECG Working Group). This was done to emphasize the importance that governments place on ensuring that export credit agencies do not support transactions associated with bribery to secure contracts (more information on OECD Working Groups).
Transaction risk assessment for corruption and bribery
In the process of processing a client’s request for support through Eximbanka’s product portfolio, an individual assessment is made for each transaction in terms of its potential risk. In addition to the financial parameters, such an assessment must also include an assessment of the risk profile of the transaction in terms of its environment, social and human rights impacts in the country of final destination, as well as in terms of compliance with all relevant legal provisions against corruption and bribery, money laundering and financing of terrorism.
For the purpose of the individual assessment of the transaction, Eximbanka uses primarily the information provided by the Applicant for support in the framework of the Declaration of Compliance with Legal Provisions against Corruption in International Trade, which is an integral part of each application for support through Eximbanka ‘s product portfolio. The Declaration shall be completed by the Exporter, the Applicant or the relevant party, depending on the nature of the Eximbanka product concerned. Eximbanka is also entitled to request additional information from the Exporter as necessary for the purpose of assessing the possible participation of the Exporter or the Applicant in bribery in international trade transactions.
Eximbanka verifies the information provided in the Declaration in the context of publicly available lists of excluded organizations and individuals (debarment lists) of international financial institutions such as the World Bank Group, the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development or the Inter-American Development Bank, and also on the basis of internal and external documents and information from the National Contact Point for the OECD Guidelines for Multinational Enterprises (NCP), of which Eximbanka is a member (more information on NCP), or the relevant anti-corruption and anti-bribery authorities such as the Anti-Corruption Bureau of the Presidium of the Police Corps of the Slovak Republic, the Financial Administration of the Slovak Republic, etc.
“The provision of false or misleading information may, in the extreme case, lead to the classification of the act as attempted credit fraud and, together with information concerning the suspected involvement of one of the parties in the transaction in bribery or other anti-social activity, reported to the relevant law enforcement authorities.”
Eximbanka is entitled to carry out the verification if:
1) Exporters, Applicants or other relevant parties have appeared on publicly available lists of excluded organizations and individuals of one of the international financial institutions
2) Eximbanka becomes aware that Exporters, Applicants, or relevant parties or anyone else acting on their behalf in connection with the transaction in question is currently under indictment in a national court or has been convicted in a national court within the five years prior to the submission of the request for support or has been subject to equivalent national administrative measures for violation of laws against bribery of foreign public officials of any country
3) There is reasonable suspicion that corruption or bribery may be involved in the transaction
“Eximbanka has the right to refuse to draw a loan or to pay the claim if it is found that the information related to corruption, bribery and other anti-social activities provided in the Declaration was false or misleading.”
In the event of a final conviction or equivalent national administrative action for violation of legislation against bribery of foreign public officials of any country within a period of five years, Eximbanka shall verify whether corrective and preventive measures have been implemented.
In order to take appropriate measures to prevent bribery in international trade transactions of official export support, Eximbanka is entitled in its terms and conditions and contractual documentation to clients to provide for the suspension of approval of an application, refusal to grant support or refusal of payment or reimburse of damages or to request repayment of the amounts granted, depending on the type of product provided by Eximbanka.