Israel becomes signatory to OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions
 
Israel recently became the 38th signatory to the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.
 
The OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, which entered into force on February 15, 1999, provides a broad definition of bribery and requires countries to pass anti-bribery laws and to impose sanctions for engaging in prohibited acts.
 
The convention recognizes that bribery is a widespread phenomenon in international business transactions, including trade and investment, which raises serious moral and political concerns, undermines good governance and economic development, and distorts international competitive conditions.
 
The convention also recognizes that all countries share a responsibility to combat bribery in international business transactions.