Export Development Canada is mishandling loan risks and keeping board members in the dark about key financing arrangements, according to a scathing report by federal Auditor-General Michael Ferguson. By Barrie McKenna | The Globe and Mail
Legal and policy reforms are needed to bolster anti-corruption mechanisms at Export Development Canada (EDC), according to a report released today by Above Ground. The publication identifies key weaknesses in EDC’s anti-corruption screening procedures and names several EDC clients investigated and/or charged with corrupt practices.
Anti-Corruption and Export Development Canada: Recommendations for an Effective Policy and Improved Regulatory Oversight
In this report, we examine reforms needed to raise Export Development Canada’s anti-corruption client screening to a more robust standard. The recommendations are informed by leading anti-corruption policies and guidance documents from other export credit agencies, international financial organizations and the private sector.
Hats off to The Globe and Mail for its reporting on Bombardier’s dealings in South Africa. Without it, Canadians may never have learned of allegations of corruption surrounding two South African contracts landed by the firm.
Next week a group of indigenous activists from Malaysia, accompanied by the NGO Bruno Manser Fund (BMF), will travel to Canada to call attention to the decades of clear-cut logging that has razed the rainforests of Borneo and allegedly enriched a Malaysian family accused of money laundering through a Canadian company.
When allegations emerged last fall that the Mexican president’s 2012 election campaign was funded in part by a subsidiary of Brazilian construction giant Odebrecht, the news barely made headlines in Canada. But this development in the Odebrecht scandal should give us pause, because it raises crucial questions about the anti-corruption and disclosure policies of our export credit agency.