Euler Hermes Aktiengesellschaft (Euler Hermes) is mandated by Germany as Germany’s Export Credit Agency. The German framework includes contractual remedies and mechanisms incentivizing applicants and/or exporters to implement anti-corruption programmes in order to avoid delay or denial of cover:
- Mandatory anti-corruption declaration: No export credit guarantees are provided for transactions which were arranged through criminal offences, including corruption. In order to be eligible for support under the German export credit scheme, any applicant must be able to confirm that no bribery or other corruptive activity is or will be involved in the particular transaction. An applicant must also generally inform of any criminal charges, investigations, sentences, official measures etc. in connection with corruption allegations involving the applicant, any of its employees, members of its management, owners or any agents acting on its behalf.
- Enhanced due diligence: If the latter is in the affirmative or if there is any other indication of corrupt activity regarding the transaction and/or the applicant, the specific transaction and the applicant are subject to an enhanced due diligence process. This assessment is made through an in-depth examination of the transaction and the company’s compliance management system. Measures of enhanced due diligence may extend through a period of time beyond the duration of an application.
- Should bribery or other corrupt activity retrospectively be determined in relation to a particular transaction, the Federal Government is contractually entitled to a release from liability and/or to reclaim any amounts already disbursed.
Source: Euler Hermes Aktiengesellschaft’s web page (https://www.exportkreditgarantien.de/en/sustainability/trust/prevention-of-bribery.html) on prevention of bribery and corruption; Template of an anti-corruption declaration, https://www.exportkreditgarantien.de/_Resources/Persistent/7/8/2/9/782973b88b00e40205b4cb778d901f656728534b/korruptionserklaerung-exporteur-e.pdf. Germany’s Phase 4 evaluation report, https://www.oecd.org/en/topics/anti-corruption-and-integrity.html.
