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Corruption

The fight against corruption has gained unprecedented momentum over the past ten to fifteen years. The international community has taken a strong and concerted effort against corruption through a number of treaties and conventions such as the OECD Anti-Bribery Convention (1997) or the UN Convention against Corruption (2005), and by promoting governance and anti-corruption programs in their cooperation with developing partner countries (e.g. various G8 statements). The translations of these instruments results in increased regulatory pressure on companies and higher risks for corrupt public officials, a trend that will persist as law enforcement practice worldwide continues to intensify and improve. In addition to legal risks, companies caught bribing also suffer from reputational damage which can seriously cripple their business, not to speak of the resulting financial risks that may be immense both in terms of fines and business lost. At the same time, senior public officials around the world are increasingly held accountable for corrupt practices during their time in office.

OECD Working Group on Bribery in International Business Transactions

The Oil-for-Food Programme