The OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions was signed on 17 December 1997, and entered into force on 15 February 1999. It presently has 43 Parties, comprising all 35 OECD countries and 8 non-OECD countries.
As well as establishing legally binding standards to criminalize bribery of foreign public officials in international business transactions, the OECD Convention sets up a state-owned monitoring mechanism to ensure the thorough implementation of signatory countries’ international obligations. This monitoring is carried out by the OECD Working Group on Bribery.
Martin Kreutner, IACA’s Dean and Executive Secretary, said that over the last two decades the OECD Convention has established itself as arguably the key point of reference concerning the “supply side” of bribery.
“The OECD Anti-Bribery Convention is an increasingly important tool in our collective anti-corruption efforts, in particular with regard to the business sector. IACA today reiterates its pledge to continue supporting the implementation of the OECD Convention through its work in empowering anti-corruption and compliance professionals across the globe,” he emphasized.
Drago Kos, Chair of the OECD Working Group on Bribery and a member of IACA’s frequent visiting faculty, highlighted the continuing importance of the Convention in a statement issued on the occasion of the anniversary.
“Adherence to the OECD’s Anti-Bribery Convention is growing but we still need all major economies on board if we are ever to achieve a truly global level playing field,” he said.
IACA continues to collaborate closely with the OECD, having signed a Memorandum of Understanding with the organization in 2014.