Recommendations
1. UKEF’s revised anti-corruption policies should be published along with an annual overview of its anti-corruption work.
2. UKEF’s remit for combatting corruption should be revised in line with the Bribery Act and the publication of the UK’s Anti-Corruption Strategy to provide a specific mandate to prevent bribery.
3. Strengthen its anti-corruption procedures by: ensuring there are appropriate sanctions where anti-bribery warranties are breached; referring suspicious activity promptly to law enforcement bodies; denying support where companies do not have anti-corruption procedures in place and where they do not cooperate with law enforcement investigations fully; and making greater use of its audit powers.
4. Continue to promote best practice at the OECD for export credit agencies, including pushing for a robust review mechanism, and an intelligence sharing mechanism between ECAs on corrupt actors.