OECD Anti-Bribery Convention
The OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (OECD Convention), adopted in 1997, addresses bribery of foreign public officials. Its aim is to create a level playing field between OECD countries by subjecting countries to the same criminal standards. Before the OECD Convention, the US was the only OECD country that prohibited its companies from bribing foreign officials. The OECD Convention does not address private (business-to-business) bribery.
- Criminalization: Prohibits the bribery of foreign officials.
- Enforcement: Includes an obligation to prosecute companies suspected of bribing public officials abroad.
- Cooperation: Encourages enhanced collaboration between the law enforcement agencies of signatory countries.
- Tax Deductions: Bans the tax-deductibility of bribes to foreign public officials.
- Whistleblowing: Recommends the establishment of effective whistleblowing mechanisms.
- Monitoring: The OECD carries out rigorous peer-review examinations monitoring the level of implementation of the OECD Convention and OECD recommendations.