Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


New Zealand Needs To Do More To Fight Foreign Bribery

Just released report on foreign bribery labels New Zealand at "limited enforcement"

Exporting Corruption 2020: Assessing Enforcement of the OECD Anti-Bribery Convention, finds that active international enforcement against foreign bribery is shockingly low. Many of the World's largest exporting countries fail to punish bribery in foreign markets.

"Although domestic corruption in New Zealand appears low, we really need to lift our game in the way we respond to the threat of international corruption, Says Professor John Hopkins, the lead New Zealand author, on behalf of TINZ. Hopkins adds "The combination of an excellent reputation coupled with lax enforcement of foreign bribery is an extremely dangerous one. Organised crime and corrupt entities may see New Zealand a soft target for legitimising their activities."

Recommendations for New Zealand include:

  • Improve availability of statistics and information on investigations, mutual legal assistance requests and cases in relation to foreign bribery
  • Develop central registers (new or existing) to ensure public accessibility of beneficial ownership information for all New Zealand companies and trusts
  • Remove the "routine government action" (facilitation payment) exemption from Section 105C of the Crimes Act
  • Introduce clear and specific legislative protection for auditors (and others) who report suspicions of bribery to the relevant authorities
  • Improve protection for whistleblowers by strengthening the provisions in the Protected Disclosures Act, and other legislative amendments (e.g. extension of auditor protection under the Anti-Money Laundering and Countering Financing of Terrorism Act 2015 to include foreign bribery)
  • Introduce a positive requirement for commercial organisations to prevent foreign bribery by introduction of an offence of failure to prevent bribery (see The UK Bribery Act 2010, s7)
  • Give greater priority and resources to the proactive investigation of foreign bribery to assess its extent in New Zealand
  • Consider creating an independent anti-corruption agency, whose remit includes managing foreign bribery investigations
  • Remove the requirement that the Attorney-General consent to foreign bribery prosecutions

"Foreign bribery is not an abstract phenomenon; it has huge consequences for both the payer and recipient. Money lost to foreign bribes creates significant economic repercussions, triggers unfair competitive advantages and results in fewer public services for the people who need them most. New Zealand needs to take action and demonstrate world leadership in the fight against corruption, " Says Julie Haggie, CEO of Transparency International New Zealand.

Join Transparency International New Zealand, Transparency International Australia and the Transparency International secretariat on 15 October to discuss foreign bribery and the Exporting Corruption Report. Click for webinar details and to register.

© Scoop Media

Business Headlines | Sci-Tech Headlines


SEA: Another First For Solar Energy In New Zealand

The Sustainable Energy Association NZ (SEANZ) congratulates Sunergise on the commissioning of the Sunergise Kapuni Solar Power Plant, the largest in the country... More>>

Accenture: More Boomers Than Zoomers Want To Work From Home

While often associated with tech savvy Gen Z or Zoomers, new global research from Accenture shows that the push for more flexible working environments is being led by Gen Xers and Baby Boomers... More>>

Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>

Banking: Westpac New Zealand To Remain Part Of Westpac Group

Westpac New Zealand Limited (WNZL) remains part of Westpac Group following a decision for the two businesses not to demerge. Westpac Group Chief Executive Officer, Peter King, said: “After a detailed review, we believe a demerger of the WNZL business would not be in the best interests of shareholders... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>