UK Export Finance: Audit

Department for International Trade written question – answered on 6th February 2020.

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Photo of Tulip Siddiq Tulip Siddiq Labour, Hampstead and Kilburn

To ask the Secretary of State for International Trade, pursuant to the Answer of 28 January 2020 to Question 7291, how many inspections of the records of recipients of UK Export Finance support have been conducted over the last five years, by country of operation and year.

Photo of Conor Burns Conor Burns The Minister of State, Department for International Trade

UK Export Finance (UKEF) undertakes due diligence which is appropriate and proportionate to the circumstances of each case at all relevant stages of a transaction.

In the last five years UKEF has additionally used its rights to inspect records, for example:

• Working with the Serious Fraud Office (SFO) investigation into Airbus, to obtain assurance that Airbus was reforming its compliance procedures.

• In 2019 - UKEF worked with a partner bank led investigation into the use of monies drawn down under a UKEF facility.

• in 2018 - a review of bank compliance with obligations under UKEF’s working capital and bond support schemes.

• In 2015 and 2016 – undertook 4 external compliance reviews of 7 cases where UKEF support was being considered or had been provided in Africa, the Middle East and South America.

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