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OECD has issued a report on implementing the OECD anti-bribery convention in New Zealand, which raised concerns about "outdated perceptions" that New Zealanders and New Zealand companies don't engage in bribery.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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