While progress has been made in creating cultures of integrity, corruption continues to seriously affect economies. Marking the 20th anniversary of the OECD Anti-Bribery Convention, Business at OECD (BIAC) and USCIB affirm the importance of an integrated and effective approach in the fight against corruption, which is a global challenge and requires international cooperation.
“Corruption is a cancer for the global economy and seriously compromises the health and productivity of our economies and value chains across the globe. The legally binding standards of the Anti-Bribery Convention have clearly positioned the OECD as a leading force in the international fight against corruption,” said Dr. Klaus Moosmayer, chief compliance officer of Siemens and BIAC anti-corruption chair. Speaking at the OECD Roundtable on 20 years of the Anti-Bribery Convention, Moosmayer called on the OECD and governments to step up efforts and also address the demand side of bribery, recognize the compliance efforts of companies, and support voluntary self-disclosure. “We recognize the urgency of this agenda,” said Moosmayer. “The private sector should be considered as a key partner in this struggle.”
USCIB has been actively promoting the OECD Anti-Bribery Convention, especially during last month’s OECD events in the U.S. that celebrated the 20th anniversary of the Anti-Bribery Convention. USCIB’s Director for Investment, Trade and Financial Services Eva Hampl took part in a panel at the event “Celebrating the OECD Anti-Bribery Convention at 20, the FCPA at 40 & Addressing the Challenges Ahead”.
Hampl addressed the cost that corruption and bribery present to business and the important role the OECD plays to level the playing field in that regard. Specifically, companies from OECD countries, who have to comply with the OECD Anti-bribery Convention, compete with companies from non-OECD countries that are not subject to the same anti-bribery measures.
“This leads to unfair competition and can even create an environment favorable to corrupt practices,” warned Hampl. “U.S. companies of course have to comply with the FCPA, which means they spend a significant amount of resources on developing anti-corruption policies and compliance programs as well as training systems for employees so that they are well-equipped to withstand demands for corruption.”