Evaluating antitrust practices in the banknote sector

The Banknote Ethics Initiative (BnEI) was established to ensure ethical business practice within the banknote industry, with a focus on the prevention of corruption and on compliance with antitrust law.

GoodCorporation was appointed to work initially with six of the leading players within the sector, covering the production of security paper, threads, inks, printing and printing machinery, to develop a collective action scheme which any company in the industry could sign up to and become accredited.

A charter of ethical behaviours was developed, in conjunction with the Institute of Business Ethics, to which companies are asked to commit. Signatories then agree to be audited within a year.

GoodCorporation developed the overall accreditation scheme, including: the audit framework for the scheme, based on a tailored version of our anti-bribery and anti-trust frameworks; an audit guidance manual; the accreditation mechanism and the on-going accreditation process. To date the scheme has attracted 12 members and has been formally recognised by some 40 central banks, the members' customers.