Implementing international laws to fight business bribery: Case of the Organization for Economic Co-operation and Development (OECD) anti-bribery convention

Abstract

Foreign bribery poses an increasingly serious threat to the probity of international business transactions. In the 1990s, the Organization for Economic Co-operation and Development (OECD) developed an anti-bribery convention specifically designed to prevent and detect corrupt activities in these transactions. To date, the Convention has successfully recruited 38 signatory countries. However, its effectiveness was mitigated by the absence of a strong enforcement mechanism and a lack of political will on the part of its signatories. This article analyzed these deficits, reviewed the suggested improvements offered by different stakeholders, and summarized the key lessons for future anti-bribery initiatives. The authors concluded that the implementation of appropriate reforms could secure the Convention’s future as a highly effective anti-bribery instrument. Key words: Organization for Economic Co-operation and Development (OECD) anti-bribery convention, business bribery, foreign public officials, international business transactions.