What is it about?
The main objective of this OECD regulation is for adhering States to implement sufficient measures in their legislation to criminalize the bribery of foreign public officers.
This Convention dates back to 1997 and is legally binding. It is the first international regulation that focuses on any person offering, promising, or giving gifts to obtain a certain benefit or advantage. This Convention exists because many international transactions take place with the purpose of bribing foreign public officers, which is a serious threat to economic development and free competition, as well as to democratic institutions.
Among other things, this Convention seeks criminal liability against legal entities accused of bribing foreign public officers, sanctioning them for money laundering by perpetrating such illegal activities.