Russia Signs Up To OECD Anti-Bribery Pact

by Ulrika Lomas, Tax-News.com, Brussels

20 February 2012

The Organisation for Economic Cooperation and Development has welcomed Russia's adoption of the OECD Anti-Bribery Convention at a ceremony in Paris on February 17, 2012.

Welcoming the addition of Russia alongside 34 OECD members, which have previously fully undertaken the accession process, the OECD said the adoption of the Convention is a major step for the nation towards upholding international anti-bribery standards.

Russia will become the 39th Party to the OECD Anti-Bribery Convention on April 17, 2012, 60 days after the ceremony, when its accession agreement will enter into force.

Under the accession process, Russia will undergo systematic reviews of its implementation of its anti-bribery laws, starting with a first examination in 2012. This will be one of 22 reviews the OECD will hold on a wide range of policy areas to assess the country’s ability to meet OECD standards and become a member of the Organisation.

Bribing a foreign public official has been illegal in Russia since May 2011. With its legislation in place, the OECD invited Russia to join the OECD Working Group on Bribery in May 2011 before becoming a Party to the Convention.

The OECD Anti-Bribery Convention, which entered into force in 1999, outlaws the bribery of foreign public officials in international business transactions. Through country monitoring and extensive peer-led follow-up, the Convention seeks to ensure that the fight against bribery is effective, thus creating a level playing field for fair competition.

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