Why is EDC now requiring our company to sign a declaration denying corruption in EDC supported business transactions?
The corruption of foreign public officials was made an indictable offence on February 14, 1999 under Canada’s Corruption of Foreign Public Officials Act. Consequently, EDC must take steps to ensure that it is not supporting criminal acts by supporting export transactions that involve corruption of foreign public officials. EDC will rely on due diligence and on the anti-corruption declarations provided by its clients as assurance in this regard. In taking these steps, EDC will also be serving the interests of its clients by alerting them to the new criminal law. EDC’s Code of Business Ethics states that EDC shall take measures to avoid supporting corrupt transactions. Further, Canada and EDC have undertaken to support the anti-corruption commitments made by the Export Credits and Credit Guarantees Working Group members of the Organization for Economic Cooperation and Development (OECD). This agreement is found in the November 2000, Action Statement On Bribery and Officially Supported Ex
Related Questions
- My company is extremely concerned about not violating anti-corruption laws. How can we distance ourselves from potential corruption in transactions?
- The EHS software used by my facility is no longer supported or the company has gone out of business. Can the EHS data be saved?
- Why is EDC now requiring our company to sign a declaration denying corruption in EDC supported business transactions?
