OECD Anti-Bribery Convention
The OECD Anti-Bribery Convention (officially Convention on Combating Bribery of Foreign Public Officials in International Business Transactions) is a convention of the OECD aimed at reducing corruption in developing countries by encouraging sanctions against bribery in international business transactions carried out by companies based in the Convention member countries. Its goal is to create a truly level playing field in today's international business environment.
History
In 1989, the OECD established ad hoc working group for comparative review of national legislations regarding the bribery of foreign public officials. In 1994, the OECD Ministerial Council adopted the Recommendation of the Council on Bribery in International Business Transactions; the revised recommendation was adopted in 2007. The ad hoc working group was replaced by the OECD Working Group on Bribery in International Business Transactions. The convention was signed on 17 December 1997 and came into force on 15 February 1999.[1]
Principles
Countries that have signed the convention are required to put in place legislation that criminalises the act of bribing a foreign public official. The OECD has no authority to implement the convention, but instead monitors implementation by participating countries. Countries are responsible for implementing laws and regulations that conform to the convention and therefore provide for enforcement. The OECD performs its monitoring function in a two-phased examination process. Phase I consists of a review of legislation implementing the conventions in the member country with the goal of evaluating the adequacy of the laws. Phase 2 assesses the effectiveness with which the legislation is applied.
Members
The Convention is open to accession by any country which is a member of the OECD or has become a full participant in the OECD Working Group on Bribery in International Business Transactions. As of May 2013, 40 countries have ratified or acceded to the convention:
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Colombia is the most recent state to have ratified the OECD Anti-Bribery Convention, having done so on January 19, 2013.[2] Other countries that have participated as observers in the Working Group include China, Peru, Indonesia, and Malaysia.
References
- ↑ Boorman, Jack (2001-09-18) (PDF). OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (Report). IMF. http://www.imf.org/external/np/gov/2001/eng/091801.pdf. Retrieved 2012-03-18.
- ↑ Carrere, Jean (2011-11-30). "Colombia joins OECD Anti-Bribery Convention". Colombia Reports. Retrieved 2012-03-18.
External links
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