Global Anticorruption Update

    View Authors February 2014
    Countries are taking steps to enhance or enact meaningful anticorruption legislation in an effort to comply with international legal obligations such as those posed by the OECD Convention on Combating Bribery of Foreign Public Offcials in International Business Transactions (“OECD Antibribery Convention”). The Organisation for Economic Co-operation and Development (OECD) requires signatories to its convention to criminalize bribery of foreign public offcials; establish liability for legal persons for the bribery of foreign offcials; impose criminal sanctions comparable to domestic bribery sanctions or alternatively, impose “effective, proportionate and dissuasive” non-criminal sanctions (e.g., monetary fines); and provide prompt and effective legal assistance to other countries. There are 40 signatories to the OECD Antibribery Convention, including 34 member countries and six non-member countries (Argentina, Brazil, Bulgaria, Colombia, Russia and South Africa).