Why is the OECD Anti-Bribery Convention important?
Most countries have laws which make it a crime to bribe domestic public officials. For the first time, OECD countries and their partners in the Convention moved together to stop the “flow” of bribes to foreign officials. In this way, the Convention helps ensure that decisions to award major public works contracts that are worth millions of dollars to the successful bidder are based on sound economic judgements rather than on who offers the biggest bribe. The Anti-Bribery Convention sends a strong and clear signal to all trading partners that Parties to the Convention will not engage in bribery to obtain business deals. It bears witness to the global awareness of the pernicious effects of corruption. It helps strengthen the will of governments to combat bribery and helps restore faith in democratic institutions. And it contributes to building a stronger alliance between governments, private businesses, and private citizens who are working to achieve honest government.
