OECD says banks and finance companies need internal controls, ethics, and compliance measures to counter bribery and corruption risks

OECD says banks and finance companies need internal controls, ethics, and compliance measures to counter bribery and corruption risks

By Gareth Vaughan

The banking and finance sector is exposed to the risk of bribery and corruption and New Zealand companies in the sector should have internal controls, ethics and compliance measures in place to combat the risk, the OECD says.

As reported by interest.co.nz last week the OECD has issued a report on implementing the OECD anti-bribery convention in New Zealand, which raised concerns about "outdated perceptions" that New Zealanders and New Zealand companies don't engage in bribery. It says these perceptions could undermine detection efforts.


Answering follow up questions on the report Patrick Moulette, head of the OECD's anti-corruption division, told interest.co.nz the banking and finance sector is exposed to the risk of bribery and corruption.

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An investigation by the Serious Fraud Office into Zespri is clouded in mystery, with the SFO refusing to say why it is investigating, and the kiwifruit exporter claiming it has no idea.
In a recent OECD report, which was critical of New Zealand's efforts to implement a convention on anti-bribery cases, it also mentioned that the SFO had opened an investigation in July this year into possible foreign bribery by a New Zealand company in an Asian country to try and secure access to markets.
I think Zespri and MPI know what this is all about but they don't want us to know.
Why is the SFO refusing to say why they are investigating?
Why the cone of silence?

A google search for Zespri South Korea comes up with interesting hits.
Why don't they just come out and say what's the investigation is about. Its almost like they have all got together beforehand and are co ordinating their lines trying to hide something.