A Truly Level Playing Field for International Business: Improving the OECD Convention on Combating Bribery Using Clear Standards

Abstract

Combating bribery in international business has become increasingly important in a global economic environment in which deregulation and privatization are popular trends. The Organisation for Economic Co-Operation and Development's (OECD's) Convention on Combating Bribery of Foreign Public Officials in International Business Transactions is an important step towards leveling the playing field for foreign companies competing for business abroad. However, this Note concludes that, in order to improve the uniform application of the Convention, the Convention's signatory parties should: (1) adopt a minimum five-year statute of limitations requirement; (2) adopt a five-year maximum term of imprisonment for natural persons convicted of bribery; and (3) impose a fine of not less than $175,000 U.S. dollars (USD) for individuals convicted of bribery.