Cesce, Export Credit Agency (ECA)

Foundations of our Anti-corruption Policy

Our Policy is based on the OECD’s Recommendation on Bribery and Officially Supported Export Credits, adopted by the OECD Board in March 2019, which reinforces the measures set out in the previous Recommendation from 2006, which it replaces.

The new Recommendation does not limit the threat of bribery to foreign authorities or civil servants, but rather it is extended to domestic authorities or civil servants and to executives, administrators and employees of trading companies (private corruption).

In Spain, corruption involving authorities or civil servants in relation to contracts in the international sphere and private corruption are crimes according to articles 286 ter and 286 bis, respectively, of the Spanish Penal Code.
 

Main anti-corruption measures

Exporter declarations
With each new application for insurance, the exporters/investors must declare that they have not committed a bribery crime in relation to the transaction. They must also declare that they are not subject to court proceedings nor have been convicted for corruption crimes in the last 5 years.

The exporter must also confirm that they are not on the blacklists of certain international financial institutions such as the World Bank and the European Bank for Reconstruction and Development. 

The declaration applies not only to the exporter/investor but also to any person who acts on their behalf.

Due Diligence
Cesce has internal mechanisms for detecting signs of corruption and it undertakes an enhanced due diligence in situations in which the participants in the export/investment operation have prior corruption charges or if signs are detected of behaviours considered contrary to the Law.

When the exporter/investor has prior bribery charges, we verify thatadequate measures have been taken to prevent new cases occurring in the future.

If the insured asks for cover of agents' fees associated with a transaction, details of those fees must be provided, including name of recipient, amount, purpose, etc.

Consequences for the insurance

If there is evidence of a crime, the consequences for the insurance differ according to the type of policy and may include refusal, exclusion or suspension of cover; reimbursement of indemnities or reporting to the relevant authorities.

We encourage our exporters/investors to adopt anti-corruption practices at their companies. To do so, they can follow the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct.

Relevant documentation

No bribery declarations Templates

Other Links of interest

Since 2016, the members of the OECD’s Export Credit Group, of which Spain is one, have adhered to the Sustainable Lending Recommendation to promote good practice in granting Official Export Credits to low-income countries.

This Recommendation, which is supported by the World Bank and the International Monetary Fund, aims to mobilise financing of projects for the development of low-income countries while ensuring that these countries do not enter into unsustainable debt levels.

Cesce follows this Recommendation and takes it into account when establishing a cover policy for these countries. It regularly reviews the eligibility criteria according to the updates provided by the OECD, the World Bank and the International Monetary Fund.