Anti-corruption initiatives
Our commitment to anti-corruption
At Export Finance Australia, we’re committed to deterring bribery and corruption in all aspects of our business, including in the transactions we support, through our anti-corruption initiatives.
We undertake robust due diligence checks in relation to financial crime, including bribery, corruption and sanctions prior to providing any financial support.
We apply the OECD Recommendation on Bribery and Officially Supported Export Credits standards before providing financial support, which includes several anti-bribery measures in relation to our customer and the transaction.
We also have law enforcement and regulator relationships. We share information with AUSTRAC, the Australian Federal Police and other relevant agencies and regulators in accordance with applicable laws. This includes instances where we suspect criminal activity has occurred or may occur.
As a Commonwealth agency, Export Finance Australia and its employees are defined as public officials and are therefore subject to the National Anti-Corruption Commission’s (NACC) jurisdiction. The NACC is an independent Commonwealth agency that detects, investigates and reports on serious or systemic corruption in the Commonwealth public sector. Furthermore, where an entity provides goods or services to Export Finance Australia, under a Commonwealth contract, they may also be subject to the jurisdiction of the NACC as a contracted service provider.
What happens if your business engages in bribery or corruption?
If you engage in bribery or corruption, or if we suspect criminal activity has occurred or may occur, we may:
- refer evidence or information about corrupt activity to the appropriate authorities, such as the Australian Federal Police and/or AUSTRAC; and
- take appropriate action permitted by law, including exercising remedies available to us under our transaction documentation or contractual arrangements.
What should you be doing to comply with anti-bribery laws?
Check out the Bribery Prevention Network. This is a public–private partnership between Australian Government entities and the private sector. The website is a great starting point for understanding what steps you need to take to comply with Australian anti-bribery laws. We also recommend obtaining your own legal or compliance advice if required.
It is your responsibility to comply with all applicable laws on bribery and corruption, notably in the Criminal Code Act 1995 (Cth). In particular, bribery of domestic or foreign public officials (both defined broadly) are serious criminal offences carrying heavy penalties. Certain acts committed internationally constitute criminal offences in Australia. The Criminal Code Act also contains offences linked to the proceeds and instruments of crime (funds generated by, or used to conduct, an illegal activity) that also attract significant penalties.
The Crimes Legislation Amendment (Combatting Foreign Bribery) Act 2024 (Cth) further strengthens Australia’s anti-bribery laws. This includes a new criminal offence that will apply to corporations, under which your Australian business may be held criminally liable for bribery engaged in by your third party ‘associates’ (such as officers, employees, agents, representatives, contractors and subsidiaries) unless your business can establish it had ‘adequate procedures’ in place.
It is also your responsibility to comply with other applicable laws in Australia including State and Territory laws that apply to other forms of bribery.
When involved in international business transactions, you will also need to familiarise yourself with, and comply with, all relevant laws and regulations prohibiting bribery in the country or jurisdiction where you are conducting business.
Our policies, procedures and practices for anti-corruption
We have policies, procedures and practices that help us identify, address and mitigate the risk of corrupt activity (including bribery) occurring, including within the transactions and projects we support. These include our:
- Anti-Bribery and Corruption Policy
- Anti-Bribery declarations
- Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program
- Transaction Risk Assessment
- contractual documentation requirements.
More broadly across our business, we also have in place policies, procedures and practices including a:
- Fraud and Corruption Control Policy and Plan
- Supplier Code of Conduct
- Procurement and Contracts Governance Policy
- Incident and Issue Reporting Policy
- Public Interest Disclosure Policy and Procedure
- Code of Conduct
- Gifts and Benefits Policy
- Modern Slavery Policy
- mandatory ongoing compliance training for all employees
- human rights statement that reflects our responsibilities in respecting human rights.
Learn more
It is strongly encouraged that you view the following resources for further information:
- The Bribery Prevention Network is a public–private partnership between Australian Government entities and the private sector. The website is a great starting point for understanding what steps you need to take to comply with Australian anti-bribery laws.
- The Australian Government Department of Foreign Affairs and Trade website sets out information on the consequences of engaging in bribery or corruption.
- The Attorney-General’s Department’s Foreign Bribery website includes other resources on bribery and corruption, including an online learning module.