Saturday, July 26, 2014

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Law on Russia’s accession to the Convention on Combating Bribery of Foreign Public Officials

Dmitry Medvedev signed Federal Law On Russia’s Accession to the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.

The Organisation for Economic Cooperation and Development (OECD) adopted the convention on November 21, 1997.

The convention is an effective instrument of combat against corruption implemented by the signatory countries through the UN, G8, Council of Europe, APEC, IMF, World Bank, and other international organisations.

By joining the convention, Russia will facilitate efforts in international cooperation on combating bribery of foreign public officials, and also fulfil one of the conditions for joining the OECD. 

Implementing the federal law on joining the convention will require up to 100,000 euros in additional federal budget funding, to finance Russia’s contribution for participation in the OECD Working Group. This money will be paid as part of the yearly budget funds allocated to the Russian Foreign Ministry.  

The bodies vested with powers regarding the convention will be defined by presidential executive order.

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