21 October 1998
(Measure will reduce international bribery of officials) (510) Washington -- U.S. Commerce Secretary William Daley praised the Congress for passage of an international treaty that would make it an offense to bribe foreign officials in the pursuit of business. "This agreement will forever change the way international business is conducted," Daley said October 21. The U.S. Congress gave final approval to an bill modifying the 1977 Foreign Corrupt Practices Act -- which implements an Organization for Economic Cooperation and Development (OECD) treaty barring bribery of foreign officials. The Senate had given the measure approval in July, but differences had to be resolved before it could be signed by President Clinton. The United States has long sought this treaty, which bars bribery of foreign officials while trying to pursue business. Following is the text of Daley's remarks: (begin text) U.S. SECRETARY OF COMMERCE WILLIAM M. DALEY HAILS PASSAGE OF ANTI-BRIBERY LEGISLATION Washington -- U.S. Commerce Secretary William Daley today hailed congressional agreement on legislation to implement the global Anti-bribery Convention as a vital step toward improving America's global competitiveness. "This agreement will forever change the way international business is conducted," said Secretary Daley. "Today's agreement will substantially reduce international bribery of foreign officials, which costs U.S. businesses billions of dollars a year in lost contracts." "Since taking office, reaching a global agreement on anti-bribery has been one of my top priorities. For more than twenty years, the United States has enforced our anti-bribery legislation while other countries have given tax deductions to companies for their bribes. Under this Convention, our trading partners will enact prohibitions that will end this practice," continued Secretary Daley. "I want to thank the leadership of both the House and Senate for working so hard to pass this legislation. Both Congress and the Administration want American exporters to be able to compete internationally with foreign companies on the merits of their products, rather than due to unfair influence," Daley added. "Bribery hurts everyone, especially businesses and consumers." "With this action, Congress has demonstrated U.S. leadership on this issue," said Secretary Daley. "We expect that the other countries that signed the Convention will move swiftly to bring the Convention into force." This agreement will also increase the level of transparency in international contracts, promoting good governance and the elimination of corruption. Secretary Daley also stressed that the United States will be an active participant in the OECD monitoring process. "After reviewing the legislation passed by other countries to implement the Convention, we will review the resources that they devote to enforcement, as well as their patterns of prosecution. The Department of Commerce Trade Compliance Center will play a key role in the monitoring process." "Today's action by Congress sets a high standard for other countries to follow. Our job now is to ensure that all countries fully meet their obligations under the convention," concluded Secretary Daley. (end text)