THE WHITE HOUSE
Office of the Press Secretary
STATEMENT BY THE PRESIDENT
Yesterday I joined the leaders of 19 nations in the Western Hemisphere in ratifying the Inter-American Convention Against Corruption.
The Convention establishes a treaty-based regime among members of the Organization of American States (OAS) to combat official corruption. OAS members who have ratified the Convention will have to criminalize acts of corruption if they have not already done so. Most important, they will have to criminalize the bribery of foreign government officials, a practice that punishes honest businesses, undermines economic development, and destroys confidence in law. The United States pressed for this provision, and it is a breakthrough in our effort to persuade other countries to adopt legislation similar to our Foreign Corrupt Practices Act.
The Convention will strengthen America's ability to cooperate with, and receive assistance from, countries in the Hemisphere in efforts to prevent, investigate, and prosecute corruption, through extradition, mutual legal assistance and other measures. It will also enhance law enforcement capabilities in other areas, given the links between corruption and organized criminal activity.
This Convention was the first multilateral agreement against bribery to be adopted anywhere in the world. It is a victory for good government, fair competition, and open trade through our Hemisphere.